Here is my initial perspective. I am still waiting for call backs on some information. Bull Case Best positioned among emerging backbone carriers Core network build done Cash EBITDA positive (adjusted for IRU sales) Broad network coverage Reasonable liquidity: $2.6B forecast YE01 Potential upside $21 Bear Case: Extreme capacity supply/demand imbalance Pricing pressure, no apparent elasticity Low visibility in IRU and dark fiber sales business (28% revenue) $9B debt & pref Hard to make a constructive case on demand in intermediate term Potential issue with cash movement between Parent and Subs, covenant test Seems fairly valued on peer group risk-adjusted basis, absolute fair value $6 Conclusion: Debt yielding 23%, why would you buy equity? Probability of recap: 50% Chance of survival without restructuring: 25% If a proposed deal involved some cash exchange for equity upside I would be hard pressed to recommend that transaction. I don't understand all the dynamics of a deal so if you want me to do any more in-depth work let me know. I will pass on the additional information as I get it. Regards,
Q: What is a potential subject line for this email?
answer: View on Global Crossing
My name is Terrie Sechrist and I am the Service Unit Cookie Manager for Bending Bayous this year. I know that you were the cookie managers for your troop(s) last year. I do not have confirmation as to who the cookie managers are for your troops this year. Will you please respond to this email and let me know if you are a cookie manager for a troop this year? If you are not your troop's cookie manager, would you please (if you know) tell me who is this year's manager (please include the troop number(s) in your return email. I have sent out three emails to the troop managers today and would like to get the information to your troop's manager as soon as possible. Thanks for your help!
Answer: Cookie Sales 2002
Here is an email: All, The below is the final list of candidates that I have recieved to interivew for the Origination Track. All names have either been recommended or approved by their manger. Each candidate will be contacted tomorrow and we will proceed with a late November interview date. You, as the managment team will be expected to interivew candidates. If there are any final additions you would like to make to the below, please let me know asap. Kind regards,
What is a potential subject line for this email?
A: Origination Track (ENA)
Q: Congratulations to you both! Your designation as V.Ps. is richly deserved! Just among us "constrained technical" people, however, couldn't they have come up with a better description of our category? It makes us sound like we are deficient in something other than just career choice! See you soon--beers are on me! DF
Propose a subject line
A: The Memo
IN: Do you want to go to Austin tonight? I have an extra ticket to the game tomorrow. We will be back to Houston by 5 tomorrow. Let me know. Eric

Generate a subject line.

OUT: Austin
IN: This is an email
November 27, 2001 Re: IPAMS 4th Quarter Board of Directors Meeting December 7, 2001 at the Pinnacle Club, starting at 9:30 am Dear Board Member: I wanted to give you a quick reminder that the 4th Quarter Board of Directors Meeting is next week. Hopefully you've already made arrangements and are planning to attend. We have a short amount of time to cover all our topics, so each board member is asked to keep their oral report short (3-5 minutes). Oral reports are intended to touch on highlights such as: significant issues and upcoming events or activities. For Committee Chairs and State Vice Presidents a more detailed description of your activities/reports should be contained in your written report. A form for submitting your report is also included with this letter. As a reminder, please submit written reports to the IPAMS staff no later than Monday, December 3rd. Please RSVP to Natalie in the IPAMS office by responding to this message or e-mailing her at ngarner@ipams.org. Thanks for your continued involvement, and I look forward to seeing you on the 7th. If you should have any questions, please feel free to call the IPAMS staff for more information, 303-623-0987. Very truly yours, Robert L. Bayless, Jr.

What is the subject?

OUT:
4th Quarter Board Meeting