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To: Frodo Baxter who wrote (1702)	4/17/1999 9:18:00 PM
From: Mark Oliver	Respond to of 2025

<In any case, I liked your PCTV arb, so I stole a chunk at 7 1/4. I may already be a winner. Did you manage to get any more?> That's funny. I missed the whole deal. I could see something important was happening when MCI bought in. And then when Sprint bought a position it was again obvious. Then I looked at this arb deal and again missed it. In this case I entered in order with a limit of seven dollars. My concerns were simply that in four months the market will have a serious correction and I'll want the cash. So instead of going for the sure deal, I wait for something else. I really don't know enough about the other wireless cable providers to make a recommendation. PCTV seems to the doing pretty well considering the difficulties that had introducing the services. They had a base of about 90,000 television subscribers, a significant cash position, and they'd raised cash selling some marginal holdings. I think there work with Speedchoice, their Internet offering, has been good. Despite the blockades, they found ways to make one-way digital useful and they seem to of worked with big car companies such as Ford in their Detroit area. C.A. I. Wireless was a high-profile stock about two years ago, but I think they had problems with poor management and their debt situation is a big problem. A lot of the other wireless service areas are held by RBOC's. I think BellSouth and PacTel have also been trying to make go out of this service. There are some equipment suppliers such as Stanford Telecom, Hybrid, California Microwave, and Harmonic Lightwaves. In general, It Looks like Harmonic Lightwaves has an interesting position. They are planning a secondary offering and it might make sense that the investment banks will do what they can to boost this company. They broke out of the trading range this last for several years. It seems clear that a lot of money is going to be spent on upgrading the cable systems. On the other hand, I wonder if the split in AT&T stock will give this company to push on to new highes? It seems to me they're in all the right places now. They have a strong position in wireless, cable and Internet services. I think there's also huge Intellectual Property that could be used for so many things. One assumes the knowledge of Bell labs was passed on to Lucent, but I think AT&T holds a lot of patents is well. Anyway, I'm glad to hear someone is making money on this PCTV. I have a difficult time making good investments now because the market is open when I should be sleeping. Here in Australia the market now opens at 11:30 p.m. and closes at 6 a.m. I'm always amazed at how Stitch seems to be able to do so well working from Asia. Regards, Mark

To: Frodo Baxter who wrote (1702)	4/19/1999 9:37:00 AM
From: Mark Oliver	Read Replies (1) \| Respond to of 2025

<In any case, I liked your PCTV arb, so I stole a chunk at 7 1/4. I may already be a winner. Did you manage to get any more?> Looks like a bid of 7 13/16's may be the open. Hope you remember me at Christmas. Will you hold for the end, or take a profit? Maybe a sweeter deal comes along. MCI may out bid Sprint? Checkpoint CHKP came in with great earnings (.49 vs .45) bucking the trend for the enterprise security bunch. They may be solidifying their already massive lead on the competition. Numbers are great and expectations were not, even though the CEO said they weren't experiencing the same issues as Network Assoc. and Axent. So, could be the market will be relieved and buy in today? Regards, Mark

To: Frodo Baxter who wrote (1702)	4/20/1999 5:39:00 PM
From: Mark Oliver	Read Replies (1) \| Respond to of 2025

<Any more MMDS plays out there? WIRL? ATEL? You're the expert, so I'm leaning on you for some Monday morning swashbuckling...> washingtonpost.com MCI WorldCom to Buy CAI Wireless Monday, April 19, 1999; 10:17 a.m. EDT ALBANY, N.Y. -- MCI Worldcom (WCOM), the nation's No. 2 provider of long-distance calling service, is buying CAI Wireless Systems (CWSS) for about $414 million. MCI WorldCom has been the only major telephone company without a stake in the lucrative and rapidly growing market for wireless communication. In the tentative agreement announced late Friday, MCI agreed to pay $24 per share in cash for more than 17.24 million CAI shares. CAI Wireless has been seeking a partner since its emerged from bankruptcy protection in October 1998. CAI stock value surged 59 percent to $20 per share earlier this month with reports that MCI Worldcom and Sprint were interested in acquiring it. MCI Worldcom acquired the debt of CAI and several other struggling wireless companies at the end of March. At that time, CAI's stock was valued at $6 per share. When the agreement was announced Friday, MCI WorldCom had also contracted to buy more than half of CAI's common stock. CAI operates six analog-based wireless subscription video systems in New York City, Rochester and Albany, Philadelphia, Washington, D.C., and Norfolk/Virginia Beach, Va. CAI also owns wireless channel rights in Long Island, Buffalo and Syracuse, Providence, R.I., Hartford, Conn., Boston, Baltimore, Md., and Pittsburgh. In addition, CAI owns 94 percent of CS Wireless Systems Inc., a wireless operator based in Plano, Texas.