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Technology Stocks : Advanced Radio Telecom (ARTT) -- Ignore unavailable to you. Want to Upgrade?

To: HTO who wrote (646)	5/10/1999 4:50:00 PM
From: Bernard Levy	Read Replies (3) \| Respond to of 1176

Since the point I made earlier does not seem to sink in, let me make it another way. The MMDS spectrum purchased by WCOM and FON is a unique property. There is no other 200MHz block of frequencies available in the same low frequency range. Similarly, the LMDS block purchase made by NXLK had another unique feature, it was a huge 1+ GHz chunk of aggregated spectrum. In contrast, ARTT's spectrum holdings are not unique at all. They can be duplicated easily by going to the 39GHz auction and purchasing about 2 of the 16 licenses available in each BTA. Just look at the dynamics of the LMDS auction last year, and the reauction this year, and it is clear that being successful in getting 2 out of 16 licenses in each market at a very reasonable price is quite achievable. Finally, while CWSS and ATEL got bought out at good prices, if you interview all the former CAI Wireless shareholders, they will tell you they got ''extinguished,'' i.e. wiped out. Only the bond holders and management got to split the spoils of the WCOM purchase. So, ARTT dead would be worth little to its current shareholders. In fact, the entire wireless sector is far more dangerous to investors than the current enthusiasm suggests. It is a sector where you can just as easily be wiped out as you can make money. I hope you will all make money, since I view many of the longs as friends, but there are good reasons to remain cautious.