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

To: LzzrdKing who wrote (8574)	10/8/1998 1:22:00 AM
From: SteveG	Read Replies (1) \| Respond to of 12468

<..which presents a good arbitrage oppy for short sellers..> This is true. I know several funds that have done just that. We came close to retiring about 5MM shares on the heavy 14% paper, but Comfort played $$ politics with her downgrade. Speaking of which, it was rumored that she came out with a negative CLEC piece this am. I got her 10 page RBOC piece, but didn't see that it was necessarily anti-CLEC (purportedly due to end of junk market). Spoke with many WCII analysts today and yesterday - nada. WCII called many of them to assure no neg surprises. Then finally heard back from WCII - same thing - everything is on track. We are in "excellent" shape to meet goals of ALL 40 markets with the cash we currently have (both capex and EDIBTA) by 99. BTW, Governali's upward revised '99 EBITDA (at $113 still lower than others) is pretty close to what the company is shooting for. Bo Fifer (BTAB) is conservatively WAY up for 99 at ~<$180MM>, and with a WAY conservative 20% DCF and an ambitious build into 70 markets, STILL comes up with an ~$50 price target. Unlike most other analysts, he does begin to model modest data revenues, but is still admittedly conservative in this regard. Onlines should be out next week and good, and numbers first part of Nov. Major hedgefund unwinding can be painful, and shorts are all over this in an easy greased-down market. But the day will come. Expect vendor credit facilities to be established sometime soon which would allow an even speedier build (we could purportedly complete 40 markets by 2Q99 if advantageous, although cash gets a ~30% discount), or just as extra safety cushions. Off for a few. IMO, buy on dips.