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Technology Stocks : CAWS - Wireless Cable (New and Improved) -- Ignore unavailable to you. Want to Upgrade?

To: VanGo101 who wrote (5405)	7/16/1998 10:38:00 PM
From: .com	Read Replies (2) \| Respond to of 5812

Hmmm.... Trouble brewing for CAI management? Despite sweetening the pot, some creditors saying no! On July 15, 1998 counsel for the Unofficial Noteholders Committee advised representatives of CAI that the Committee (which currently purports to represent only approximately 33% of the outstanding Senior Notes) would be prepared to support the Plan as amended by this Supplement and recommend that other holders of Senior Notes vote in favor of the Plan if the following three changes were implemented: (i) MLGAF were to commit to provide the entire amount of the proposed New Senior Secured Facility (which would be used to refinance the DIP Facility and provide financing for Reorganized CAI) on the terms described more fully under Section III of this Supplement, (ii) the interest rate on the New Senior Notes were to be increased from 13% to 15% per annum, and (iii) the provision in the DIP Facility providing for an increase in commitment fees from 1% to 4% after 90 days were to be eliminated. If the requested changes were not made, counsel for the Unofficial Noteholders Committee advised that the Committee currently intended to reject the Plan and recommend that other holders of Senior Notes vote against the Plan. CAI and its legal and financial advisors engaged in further discussion with representatives of MLGAF and the Unofficial Noteholders Committee but has determined that it cannot make the requested changes. Accordingly, CAI anticipates that the Committee may oppose the Plan and recommend that other holders vote against the Plan. MLGAF, which owns approximately 36% of the Senior Notes, has advised CAI that it intends to resign from the Unofficial Noteholders Committee.