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To: gruetz who wrote (12180)	9/27/2000 8:23:22 PM
From: Bernard Levy	Read Replies (1) \| Respond to of 12468

Hi gruetz: I would say that if Winstar meets analysts projections through the first half of 2001 and becomes EBITDA positive by then, it will easily find more financing, particularly if by that time TGNT bites the dust (remember the goal for lenders is to make sure that the competition will remain under control). Re. next Q, I refuse to speculate, since on a short term basis the market reacts more to psychology than fundamentals. The previous cycles in May 97 and Oct 98 show that market psychology can change fast for the CLEC sector. As a general suggestion if you are planning to buy more, wait for a very high-volume bottom with a sharp rebound, and buy on the way up. You will miss the bottom, but attempting to guess the bottom is extremely dangerous. The previous ``line in the sand'' bottom for WCII is the $7 of May 97 and Oct. 98. I tend to think however that the $7 of Oct 98 was artificial since it involved LTC trying to get out of a position. Winstar would have bottomed in the $10-$12 (split adjusted) range if it was not for the LTC distortion. We are almost there. Best regards, Bernard Levy