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To: terridex who wrote (11828)6/16/2001 1:27:27 PM
From: RobertSheldon
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*Why are the bonds down 15 to 20 points in the last week and a half?*

About all I can think of is that fear has become the emotion of the day. Rational thought has left the building.

*Why would GX be looking to raise more cash with new convertibles?*

Don't know if it is true . . . last I checked they said they would not do a convert. I'll believe it when I see it.

*What other portfolio besides this one would your GX shares be in?*

We literally hold GX across the board in all types of accounts except one of our target portfolios (power technology).

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To: terridex who wrote (11828)6/16/2001 1:31:33 PM
From: RobertSheldon
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*What other portfolio besides this one would your GX shares be in?*

By the way, the portfolio you pulled up is from another firm - not ours. As you can see they are hyper diversified with trouble on their hands.

Again, that is another firm's portfolio. They have a "LLC" on their name - we have an "Inc.". Our name is in the process of becoming trademarked - they came to the party too late to do this.

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To: gruetz who wrote (11846)6/16/2001 1:40:45 PM
From: RobertSheldon
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*I'd feel better if he said something like "this selloff is ridiculous" or "the stock price should be going in the other direction because this company is so well positioned".*

They should have said something like this:
"the analysts at the other firm appear to be under the influance of illegal substances, their analysis is deceptive and missleading, and GX management does not recall entertaining any of their questions. In short they are full of hooey."

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To: trainleaving who wrote (11845)6/16/2001 1:45:29 PM
From: M. Frank Greiffenstein
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FTHL & TCM are jtbuilding

Train, what is "jtbuilding" ??

Doc Stone

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To: RobertSheldon who wrote (11847)6/16/2001 1:50:35 PM
From: barry fowler
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If insiders recently sold on the expectation of a decline, ... why did they sell in the first place if the price is "rediculously low" for the longer term scenario? This implies a "short term mentality" -- almost an oxymoron in the world of insider buying / selling, unless there's something common shareholders have little visibility into.

Along the same train of thought, we'd expect the insiders (neglecting the fact that the sold shares were bought at pennies on the dollar) to buy shares on the expectation of a turn - around. Yes? Or, does being an insider dictate SEC rules for time-periods when buying / selling can take place?

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To: RobertSheldon who wrote (11847)6/16/2001 1:50:39 PM
From: M. Frank Greiffenstein
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Robert, the CFSB note mentioned something about a lot of competitors in bandwidth wholesale.

My question is: What competitors are they talking about? It seems if LVLT, TSIX, FHLT and others are on death's door, this is all great news for Q and GX.

Is there some other class of competitors I should be aware of?

DocStone

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To: M. Frank Greiffenstein who wrote (11850)6/16/2001 2:55:35 PM
From: Umunhum
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<<what is "jtbuilding" ?>>


joint building

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To: barry fowler who wrote (11851)6/16/2001 3:04:05 PM
From: rhkohnen
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Just a Theory

Stock options received have an expiration date. What some people do is sell some of the stock to raise the cash to convert the options to cash. GX did the same thing last year at this time, and I am thinking that this is a going to be a ritual. I believe it was Crowe of LVLT who said that he would sell a portion of his shares each year at a particular time. Some of these sales came in April, so maybe taxes might be a reason. Also options are generally given out after taxes for bonuses, so this may be another reason.

I am not trying to dismis the importance of insider sales, but there are some basic maintenace funtions that insiders must perform, which can give false indications. Winick's move was the most confusing, and he maybe cooking up a side deal which does not affect GX.

Best regards
Bob

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To: RobertSheldon who wrote (11849)6/16/2001 3:04:51 PM
From: gruetz
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Robert: As long as the market perceives that there are some downside scenarios where GX would not be fully funded, the stock is unlikely to appreciate much. I believe investors need a better understanding of what the minimum capex requirements are for 2002-2003 to achieve their revenue targets. We have heard DBAB say that the 2002-2003 2 year combined capex would be reduced from previous estimates of $7.5 bln to an amount of $5 bln. GX mgmt. said at the shareholders' meeting that they had provided no capex guidance. In these tight capital markets, investors need to know what capex is absolutely necessary and what is fluff(ie. nice if the money is there but not needed to achieve rev guidance).

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To: gruetz who wrote (11855)6/16/2001 3:22:03 PM
From: gruetz
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Robert, Martin, Bill, Fex: The biggest concern I have about GX stock being in the tank is the reduced financing flexibility that results. At 15% junk bond yields for GX paper in the secondary market, junk bonds are not currently a viable financing vehicle. Converts or secondary stock offering would be way too dilutive for us existing shareholders. Better is dilution than BK, but I'd prefer to have neither. Therefore, GX is completely dependent on operating cash flow to finance cap ex in 2002-2003. Operating cash flow in the amounts GX needs is dependent on IRU sales. Or is it? Merrill in its research piece yesterday said that short term leases of capacity could be monetized by borrowing against the receivables. It would be nice to know how a shift from IRU's to ST leases really impacts funding. Either a statement from GX management or a confirmation of Merrill's opinion by other analysts with some greater detail would be nice.

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