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Stocks R / RCN Corporation


Subject:  Vice Cahir Curry ousted Date:  5/3/2002  6:10 PM
Author:  peterxyz Number:  676 of 684

from dotcomscoop
sounds like there was much hoopla about this

also news on franchise renewal talks in Priceton - some dissent
(thanks to byebyesmurf on yahoo)

the news I like best of course was the covenant relaxations (this is late March news) and guidance for a 20-24% increase in network connections in 2002;
"Under provisions of the new agreement, RCN retains its current operational and financial flexibility, including:

the ability to use up to $250 million of new funding to repurchase debt;
continued use of 3(a)9 transactions to reduce debt;
the ability to attract new capital, including unlimited subordinate debt;
retention of the first $100 million per year of sale of assets such as real estate;
the rights to a $187.5 million revolving loan two years from now."

peter xyz
(why, oh why, do I keep chucking money after these things!)

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