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Technology Stocks : Winstar Comm. (WCII) -- Ignore unavailable to you. Want to Upgrade?

To: Steven Bowen who wrote (5500)	4/27/1998 11:10:00 AM
From: James Fink	Read Replies (2) \| Respond to of 12468

<<I like it, and think WinStar got a good price.>> Are you nuts? This constitutes massive dilution of WCII shareholders. As if there wasn't enough dilution anyhow! Studies show that companies that make purchases with shares instead of cash UNDERPERFORM the market over the next six months. The reason? The companies that decide to use shares as currency do so because they think their stock is overvalued. If they thought their stock was reasonably priced or undervalued, they would use cash instead. Companies that make acquisitions with cash OUTPERFORM the market over the next six months. In addition, WinStar's timing couldn't be worse. ARTT is much more expensive now than it was only back in January. If WinStar was to do this deal, it should have happened in January when ARTT was selling for $8. Instead, WinStar waited and now is paying more than twice that amount. Your false prophet Bill Rouhana really bungled this one!

To: Steven Bowen who wrote (5500)	4/27/1998 11:28:00 AM
From: Kenneth Goodman	Read Replies (2) \| Respond to of 12468

Steve, Ali, Ric, and everyone else. I'm long several thousand shares, and have been for some time. I'm firmly convinced that WCII has the best management team, business strategy and chance to succeed over the long haul. I've been following the threads involving Jason Cogan and James Fink with some interest. I think it's important to understand the arguments against the stock, even though I don't agree with them. Many of us have substantial portions of our portfolio's invested in WCII shares and (hopefully) have accumulated substantial gains. Since Winstar is such a volatile stock, I think listening to the arguments for a bear case are always useful. I agree that Cogan and Fink probably stand to gain from a decrease in Winstar's value. However, that doesn't mean that some institutions and hedge funds aren't using the same though process to decide on taking a long or short position. What I'm getting at (in a roundabout way, unfortunately) is that it would be useful if the long term Winstar shareholders constructed a bear case, or at least a set of potential warning flags, that could be used to evaluate the Company's and the stock's progress. I'm not about to reverse course and short the stock, although I sure wish I'd thought about it at $46. I guess what I'm trying to develop it a checklist that can help everyone here decide at any given point to hold, add to our positions, or to exit the stock. Thanks, Ken Goodman