<HTML><FONT FACE=arial,helvetica><FONT SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0">In a message dated 5/21/2003 6:01:42 AM Eastern Daylight Time, mpollak@panix.com writes:<BR>
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<BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">So does this mean that investors who bought at the top will get less than<BR>
2/10ths of a penny on the dollar? That seems less than pointless.</BLOCKQUOTE></FONT><FONT COLOR="#000000" style="BACKGROUND-COLOR: #ffffff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><BR>
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</FONT><FONT COLOR="#000000" style="BACKGROUND-COLOR: #ffffff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0">My calculations were based on including the full loss of market value, plus all the inflation or fraud that went on to puff the stock up to begin with, a true representation of the full loss over the paper loss. So, I guess technically, investors would get back 2.7/10ths of a penny on the dollar. But, you're right, it's still less than pointless.<BR>
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Trade creditors are now set to receive 30 cents on the dollar. This fine<BR>
is part of the settlement that will allow MCI to come out of bankruptcy.<BR>
So it seems all it's doing is taking a little bit from the trade creditors<BR>
and scattering it to the wind as a sacrificial offering.<BR>
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</FONT><FONT COLOR="#000000" style="BACKGROUND-COLOR: #ffffff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0">absolutely.</FONT><FONT COLOR="#000000" style="BACKGROUND-COLOR: #ffffff" SIZE=2 FAMILY="SANSSERIF" FACE="Arial" LANG="0"><BR>
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<BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">In the end it looks like this has no effect on MCI whatsoever. It just<BR>
takes from the trade creditors and gives to no one. As far as stopping<BR>
future fraud is concerned, this seems as effective as if we burned a goat<BR>
to the gods of probity at the corner of Broad and Wall.<BR>
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yes. to top it off, the day the settlement was announced, i.e. after the creditors had agreed to their terms, MCI bagged the contract to reconstruct Iraq's mobile phone network, as per many contracts, outside the original USAID reconstruction money pot. The Department of Defense said it was for $30 million, which will help defray some of the settlement cost for them. That same job had originally been given to a Chinese company who I guess will be out of it. Plus, the $30 million is probably the first of many lies about the real amount going to MCI for Iraq. Sort of like Halliburton.<BR>
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Nomi<BR>
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