A Synopsis Of What Has Transpired
Since NorthPoint Filed For Bankruptcy

November 28, 2001


After declaring Bankruptcy, NorthPoint stated that they would pursue their lawsuit against Verizon. NorthPoint hired Folger, Levin & Kahn (FLK), a high-caliber San Francisco law firm, to sue Verizon. FLK represents only NorthPoint the Company - they do not represent NorthPoint shareholders. That's just the way it is - there is clear distinction between a Corporation and it's Shareholders.

NorthPoint's Corporate interests and shareholder interests are now represented by a U.S. Trustee, Ms. E. Lynn Schoenmann, who is a Federal Lawyer. She makes all decisions for NorthPoint.

The Bankruptcy Court oversees everything that happens with NorthPoint, even the lawsuit against Verizon. Some shareholders tried to get the Bankruptcy Court to authorize a law firm or lawyer to be the shareholder's representative in the lawsuit against Verizon. We were told that there would not be a separate shareholder's representative, but shareholders are represented by our Trustee, who also represents other NorthPoint interests.

NorthPoint's total financial obligations are "around" $500-$600 million. Globe Capital Associates has received court approval to loan $7.5 million to NorthPoint to finance the lawsuit against Verizon. This is a zero interest loan, but Globe will get 5% of any settlement money from Verizon or 6% of a jury award. A settlement, or jury award will have to be "around" $600 million to $700 million for shareholders to receive any benefit.

So, our Shareholder's Group is working to persuade and encourage NorthPoint's Trustee and the court to reject a settlement offer from Verizon that is too small to benefit shareholders.

NorthPoint's Trustee recently said that the lawsuit against Verizon is potentially worth $4 billion. So, assuming that Verizon is shown to be liable as alleged in NorthPoint's Amended Complaint (lawsuit), there is potentially PLENTY of money for shareholders benefit.

The people on NorthPoint's side who make the decisions about what size of settlement to accept are NorthPoint's Trustee and Lawyers, overseen by the Judge of the Bankruptcy Court.

If there is no settlement, the lawsuit will be presented to a jury in a trial in Superior Court trial.

As NorthPoint shareholders, we would like to have a voice in these legal matters, but they won't authorize an Independent Shareholder's Representative, and many of us believe that these legal folks will not pay much attention to small, individual stockholders asking them to go for a large settlement or large Jury award from Verizon.

We don't know of any NorthPoint Shareholder's Organization that could speak for us, so we decided to try to get a specialized, informal NorthPoint Shareholder's Group started.




All shareholders in the Group agree on only one, specific Purpose: we want to "DO WHATEVER WE CAN TO ENCOURAGE AND PERSUADE NORTHPOINT'S TRUSTEE AND LAWYERS THAT THEY SHOULD NOT ACCEPT A SETTLEMENT FROM VERIZON THAT IS TOO SMALL TO BENEFIT NORTHPOINT SHAREHOLDERS". If the case goes to trial before the jury, we will expand our purpose to include encouraging NorthPoint's Trustee and lawyers to aggressively pursue their case to improve the odds for a large jury award that will benefit all NorthPoint shareholders.

If you agree with our Purpose (stated above), please send an Email to Frank@stockskill.net if you want to declare your shares. You can also Declare here on the message board, but please include an Email contact if you do. Free, anonymous Email accounts are available at www.hotmail.com if you wish to stay "anonymous". Yahoo, Exite Raging Bull and other places also have free, anonymous Email accounts.

If you Email your Declaration, your and Email name and address will not be revealed - we will only add your shares to the total.

Many members of the Shareholders Group have made contact with NorthPoint's Trustee and Lawyers to encourage them to aggressively pursue the lawsuit against Verizon. We also have contacted hundreds of Media Outlets, written articles and many other things that are supportive of our Purpose. We also have a high-profile attorney who specializes in Constitutional Law who is following this case on our behalf.

There are two posters here, Frankx and wozdak, who are keeping track of the number of Declared Shareholders and the number of Declared Shares. Every time someone declares, or cancels his or her declaration, or sells shares or buys shares and reports it via post or Email, we will update the totals. As of this post, 235 NorthPoint shareholders have declared 9,184,131 shares in support of our Purpose.

Any of us can say: "I am a Member of an informal Group of 235 shareholders who collectively own 9,184,131 shares of NorthPoint stock. We are working to encourage and persuade the legal authorities to refuse any settlement from Verizon that is too small to benefit NorthPoint shareholders".

The whole idea is strength from numbers with a specific purpose and goal. The numbers give our Group considerable credibility and make it much harder for anyone to ignore us. We are having a visible, measurable and positive effect.

We are nearing an objective of dramatically expanding our reach and effectiveness by organizing as an Official Group and hiring a Professional person in San Francisco to represent and actively promote the interests of all NorthPoint shareholders. As more NorthPoint shareholders Declare their shares in support of the Purpose, the better the odds for all shareholders to eventually cash in some valuable NorthPoint shares.

Please send an Email to Frank@stockSkill.net if you want to declare your shares. You can also declare here on the message board, but please include an Email contact if you do. Free, anonymous Email accounts are available at www.hotmail.com if you wish to stay "anonymous". Yahoo, Exite Raging Bull and other places also have free, anonymous Email accounts. Wozdak

Shareholders who
have declared
visitor		 24459

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