Here is an email: 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: I have a change in plans next week. My dad is having surgery in Ft. Worth, so I will be heading that way on Monday. I was planning to be on vacation anyway, but I may have some accessibility challenges in Ft. Worth which I would not have had otherwise. I will manage client expectations accordingly. Kay
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A: Next week
IN: Gerald, As discussed, insert the confidentiality language and print out on letterhead and initial. We will be getting Jean's signature in the morning. Please note the sentence add for financing extension negotiations in Section 10.a/b and see if you concur. Thanks,

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OUT: Oakhill LOI
IN: This is an email
Janet, This is the last correspondance I had regarding that confidentiality agreement. Not sure if Bobby Gaspard has seen the draft yet or not. Let me know what you need. Thanks.

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OUT: Trunkline CA
QUESTION: Today, we were both OOMC'd and OOME'd for 135mw's for the entire day. The OOME instruction was a category 4, which means operate AT this level. We sold an additional 85 mw's from the plant, bringing the total to 220. Ercot called to tell us to drop the output of the plant to 135. I hesitated because of the confusion we have previously experienced with this product. I contacted Mark Patterson and discussed the category 4 requirements and I agreed to take the plant down. Colleen at Ercot said that she was going to "report me" for not immediately complying. Am I in trouble? JMF
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ANS: oomc/oome
IN: The EWS Legal Year End PRC Meeting is scheduled for Tuesday, December 11, beginning at Noon and lasting until all PRC matters are completed. The meeting will be held in ECN49C1. A conference bridgeline will be set up and lunch will be provided. Please plan to attend. Thank you.

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OUT:
EWS Legal Year End PRC Meeting