Problem: BODY: The technical difficulties with the SAP Security email box have been resolved. You may once again follow the normal submission process as noted in the instructions for the SAP Security Request Form and the IBuyit eProcurement Request Form. If you submitted a request for security during the week of July 16-20 and have NOT received a notification of it's receipt, please resubmit the form. We can not be certain that all mail directed to the box during this period was actually received. We apologize for any inconvenience that this may have caused you.
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A: SUBJECT: SAP Security Mailbox functional again

Problem: BODY: 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: SUBJECT: View on Global Crossing

Problem: BODY: Attached please find the September 2001 report (Exhibit No. 7 format) showing current month activity in the System Levelized Account (SLA). Information for this report comes from data provided by Gas Accounting Dept. Several items to note for this time period: Monthly MIP decreased from $2.8522 for August to $2.0535 for September. The cash portion of the SLA increased $3.9 million and the future liability portion decreased $7.3 million for a net decrease of $3.4 million. The two major components of the change in cash were: Purchases of 1.5 Bcf @ $2.25 for $3.4 million (cash out). Shippers longed Northern 0.26 Bcf @ $3.29 for $0.8 million (cash out). This file contains reports for the months of January through September. To print the desired month's report, simply click on the respective tab. pmb
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SUBJECT: Monthly Report on SLA Activity