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To: zebraspot who wrote (9103)5/2/1999 8:23:00 PM
From: John F. Dowd  Respond to of 10227
 
zebraspot: I am sure one of the sticking points in this merger will be NXTL's insistence on a collar. They don't want to wind up swapping into a stock that the arbs bid way down. It will be no doubt structured with a collar guaranteeing a bottom to NXTL if they can agree on price or swap ratio- I don't think 45 is going to move the McCaws.

JFD