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To: TREND1 who wrote (34921)	6/15/1998 1:19:00 AM
From: mike iles	Read Replies (2) \| Respond to of 53903

Larry ... are you sure you want to discuss fumblementals ... did you check this out with HAL? regards, PTS Mike

To: TREND1 who wrote (34921)	6/15/1998 2:03:00 AM
From: Skeeter Bug	Respond to of 53903

larry, david hasn't done any analysis. mu will lose $200 million this q. now we are down to $735 million. next q we will be down to $535 million. larry, what does mu have to spend to keep current technology? $1 billion a year (they've spent more than this the last several years and hinted that nearly $2 billion was necessary to spend this year if they would keep current)? that is $250 million a q. if they keep THAT LOW RATE of capital expenditures then they have $35 million left. THIS REALITY IS 3 MONTHS AWAY! BOLD THAT, LARRY! and the MASSIVE losses from ops continue, unabated. AND THAT IS WITHOUT PAYING A FREAKING DIME IN CURRENT LIABILITIES. I WONDER HOW MU WILL RUN WHEN THEIR ELECTRICITY IS SHUT OFF! HELLO?!?! can't you all figure this out? this is ez! i guess after more than a year of this all hope is gone. geeez, i wish i had you guys as bankers. i'd swindle you so fast and so badly yet i'd leave a smile on your face as though you had gotten a good deal ;-) just like mu does to you. now, my bet is they reduce or eliminate capexes. they will no longer be competitive on a cost basis b/c other companies are spending the dollars to reduce cost. they also will not be able to fully compete in emerging markets. mu's ops losses will mount while other companies begin to reduce their losses. remember when da bears said deep pockets were important? well, now you know why, huh? people will begin to see the end of the line b/c it isn't that far off. of course, $935 million sounds like a big number and little minds will only focus on that. HOW IMPRESSIVE, THEY WILL SAY. THIS IS PRIME TIME. $935 MILLION ISN'T SQUAT AND IT ISN'T IMPRESSIVE. please... nuff said.