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To: george willse who wrote (204)	5/7/1998 10:02:00 AM
From: Bruce Hoyt	Read Replies (1) \| Respond to of 609

Hi George, I was just whining about this situation last night on the Yahoo FTEL thread<g>. Sometimes I am a little dense but its not clear to me whether Tom is talking about full financing from an equity partner or full financing for an IPO. An investment bank is not going to want to be a telephony business partner so I'm assuming he means underwrite the IPO. I did send an email to Helen for clarification but have not heard back yet. Any thoughts? Or are Skibare and I the only ones confused? Bruce

To: george willse who wrote (204)	5/7/1998 12:47:00 PM
From: elk	Read Replies (4) \| Respond to of 609

George and Bruce, Are you saying that you guys are not in the State of California, but in the State of Confusion?<GGGG> Beleive me I understand, this opens some new thoughts for me too. I have always considered two scenarios, straight IPO, or IPO with a Big boy on board. Both always concerned dilution of FTEL's FNET holdings in the sense that the shares for both scenarios would most likely come from FTEL's corporate holdings. But now I am thinking about Financing means that do not require dilution. Any sites that or insight you guys could provide into these means would really be helpful. I just put the two updated messages together with what Tom said at the SHM about not diluting outstanding shares, as opposed to corp. held shares, but acquiring all the money necessary. Who knows? But I have a feeling I will like it!<GGG>