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

To: .com who wrote (5414)	7/17/1998 9:11:00 AM
From: webpilot	Read Replies (1) \| Respond to of 5812

Perhaps the parties involved need a graceful way of backing out or away from their reorganization plans. Maybe they are getting cold feet knowing what is coming. They read this thread for sure, and are very aware that the stockholders mean business. Thanks to Zorro and Van, I might add. ML's name has been dragged in the mud in the Wall Street Journal on a regular basis, everything from Orange County to NASD law suits. How much more do they want? Pretty soon, customers may be backing away.

To: .com who wrote (5414)	7/17/1998 4:13:00 PM
From: Zorro	Read Replies (1) \| Respond to of 5812

Scott, Here are some interesting paragraphs from the 8-K filed 7/2/98. --------------------------------- Recent Developments... 3. Attempts to Identify Strategic Partner CAI has sought to identify one or more Strategic Partners that would be willing to (a) enter into a business relationship with CAI pursuant to which CAI would provide video, voice and/or data services to such Strategic Partner's customers in CAI's markets or (b) provide financing sufficient to permit CAI to implement its business plan. CAI has demonstrated its technological capabilities for each of video, voice and data to several potential Strategic Partners. In addition to a variety of demonstrations, CAI has been conducting an on-site trial for a telecommunications company, providing transport services for Internet access and such company's corporate intranet, which services recently have included two-way data transmission with the deployment of first generation transverters developed by CAI and a high-technology equipment manufacturer. Business discussions between CAI and these entities have been wide ranging and continue; however, no definitive agreement has been reached with any entity at this time. 4. Negotiations with Unofficial Noteholders' Committee During the Spring of 1998, CAI engaged in informal discussions with representatives of MLGAF with respect to CAI's prospects and various restructuring alternatives. During May 1998, CAI entered into confidentiality agreements with certain other large holders of Senior Notes with a view to engaging in discussions relating to restructuring alternatives. Noteholders, including MLGAF, who collectively hold or manage approximately 73% of the outstanding Senior Notes, formed the Unofficial Noteholders' Committee and retained Stroock & Stroock & Lavan LLP as counsel and Dabney Flanigan, LLC as financial advisor. CAI has agreed to pay the reasonable fees and expenses of Stroock & Stroock & Lavan LLP and fees of $200,000 for the 60-day period commencing June 5, 1998 and $100,000 per month thereafter to Dabney Flanigan, LLC in connection with the restructuring. Although the Plan and various related matters referred to in this Disclosure Statement have been reviewed by and discussed with the Unofficial Noteholders' Committee, MLGAF, and their respective representatives, and reflect to some extent the views of those parties, the Unofficial Noteholders' Committee has not approved or endorsed the Plan or recommended that other holders of Senior Notes vote to accept the Plan. ------------------------------- Two quick points: 1) What value (if any) for consideration of its existing relationships with potential stategic partners did CAI assess in its reorg plan? It is very conceivable that CAI designed the plan to meet conditions needed to facilitate a business relationship with one or more of its potential partners. 2) CAI is footing the legal bills for the Unofficial Noteholders' Committee. So who are these attorney's truly representing... the Noteholders or CAI?