Q: Here is the file. Sorry it is a day late - teh price desk had some errors in teh file adn I was waiting for them to correct the deals. Thanks. PL
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A: central orig - 4/3

Q: 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,
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A: View on Global Crossing

Q: Although I am still waiting for another Brazilian visa, I would like to pose several potential dates to meet with you regarding Enron North America Corp. trading issues. I am presently considering several time periods: September 9,10, 12-17,19-24 Obviously, I can be available at any time during the month of Septermber as well as future months. But I would like to get started as soon as possible. If you could kindly e-mail or call me (713/853-5620), I can elaborate further. Thank you. Sara
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A: Financial Trading Issues in Brazil

Q: This is a message to let you know that the NEWGen December 2001 release is available on www.rdionline.com. If you do not want to receive this message please reply with unsubscribe as the subject line. Happy Holidays! The NEWGen Staff
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A:
NEWGen Release December 2001