The effort to formalize the Shareholder's Group, get some resources together and hire a professional to interface between shareholders and the legal people is still going forward.

The real concern of NorthPoint shareholders is that NorthPoint's many creditors could gang up on our Trustee and pressure her to accept a settlement offer from Verizon that will pay their (creditors) claims, but is too small to benefit shareholders.

Verizon's lawyers surely know that NorthPoint's creditors would be thrilled & giddy over a $600 million settlement from Verizon, since it would essentially pay 100% of all creditor's claims.

It's hard for me to imagine NorthPoint's creditors saying to our Trustee "Oh no, Ms. Schoenmann, don't accept that $600 million offer from Verizon - that wouldn't leave anything for the poor shareholders - let's go to trial and take a chance on losing everything, so the shareholders can have a chance."

Our Shareholder's Group has been conspicuous enough that our Trustee is aware that hundreds of shareholders are following this. Ms. Schoenmann also made a point to tell us that she does represent our shareholder interests.

The other thing that I personally believe that we shareholders have going for us is that a $600 million settlement offer from Verizon is tantamount to Verizon admitting liability for ruining NorthPoint. I can't even imagine Verizon admitting they were wrong and therefore liable for ruining NorthPoint.

If I am wrong and Verizon does make an offer that does not benefit shareholders, we will need the most influential and credible Shareholder's Group that we can put together, so we can make an objection that will be noticed. Every time another shareholder declares shares in support of the Purpose of our Shareholder's Group, the odds are improved for every NorthPoint shareholder. Declare your holdings on the board ANONYMOUSLY under an alias or by e-mail to Frank@StockSkill.net

Read our latestthoughts dated 5/28/02