[Editorial note: this is the combined text of two e-mails distributed Tuesday by REC Networks with regard to the business of FM translator proliferation. The combination essentially involved replacing the first four sets of figures with (lower) revised totals. I then assembled them in table format for comprehension's sake.]

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From: "REC Networks" <rec@recnet.com>
Subject: Facts about Edgewater & Radio Assist that will make your STOMACH TURN....

As you all know, Edgewater Broadcasting and Radio Assist Ministries, which are basically the same organization running under two fronts has filed over 5,000 translator applications during the Great Translator Invasion.

First of all, let's see where they are with the CPs:

Let's see what they have done with the spectrum that the FCC gave them for FREE:

EB
BAPFT-20040708ABT
K289AU Bartlesville OK to The Love Station Inc.
GRANT
10,000.00

RAM
BAPFT-20040720ADF
2 translators in CA to IHR Educational Broadcasting trade for full
power KBPU and K209CV
GRANT
0.00

EB
BAPFT-20040708AAW
9 translators in CA and WA to Horizon Christian Fellowship
GRANT
147,000.00

RAM
BAPFT-20040708AAJ
11 translators in CA, OR and WA to Horizon Christian Fellowship
GRANT
72,000.00

RAM
BAPFT-20040804AAS
W242AU Athens GA to Community Public Radio Inc trade for W204BU
GRANT
0.00

RAM
BAPFT-20040927AAG
Two Honolulu translators to Kona Coast Radio Inc.
105,000.00

RAM
BAPFT-20040806AAC
K291AC Dumas TX to Top O Texas Educational Broadcast Foundation in
exchange for K201AY Borger TX
GRANT
0.00

EB
BAPFT-20040927ADC
K258BB Laramie WY to Laramie Mtn. Bc.
10,000.00

RAM
BAPFT-20040927ACO
K252EA Laramie WY to Laramie Mtn. Bc.
10,000.00

RAM
BAPFT-20041104AMJ
W296BH Crisfield MD to Bay Broacasting
5,000.00

EB
BAPFT-20040927AAQ
W286BB Ocean Pines MD to Airport Investors. No attachment of deal
available.
GRANT
???

EB
BAPFT-20040928ALB
BAPFT-20040927AAO
Trade EB's W262BF Georgetown DE for Airport Investor's W259AI
Dunnellion FL
GRANT
0.00

RAM
BAPFT-20040927AAL
2 translators in DE to Airport Investors
GRANT
15,000.00

EB
BAPFT-20040806AAE
K262AZ Bozeman MT to Hi-Line Radio Fellowship for no consideration
GRANT
0.00

EB
BAPFT-20041213AAT
5 translators in WI to WRVM. Cashless transaction involves the transfer
of two translators
0.00

RAM
BAPFT-20041213AAN
5 translators in WI & MI to WRVM . Cashless transaction involves the
transfer a translator on ch. 221 with granted CP to move to Ch. 219
0.00

EB
BAPFT-20041214ADW
K233BB Pawhuska OK to Tulsa Translators
5,000.00

RAM
BAPFT-20041214AAD
K245AU East Quincy CA to Eastern Sierra
3,000.00

EB
BAPFT-20041214AAE
K257EK Susanville CA to Eastern Sierra Broadcasting
5,000.00

RAM
BAPFT-20040927ACP
K247AP Steamboat Sprigs CO to Granby Mtn Bc.
GRANT
6,000.00

EB
BAPFT-20041029ACA
2 translators in Idaho to Ted W. Austin
GRANT
20,000.00

RAM
BAPFT-20041229AAG
4 FL translators including 3 in Port St Lucie to Reach Communications
12,500.00

EB
BAPFT-20050126ABN
W282AW Ocean Pines MD to Airport Investors
8,000.00

EB
BAPFT-20050127AFQ
K258BI Gunnison CO to PATTS
5,000.00

RAM
BAPFT-20050128ABA
W243CD Gloucester MA to Airport Investors
8,000.00

EB
BAPFT-20050202AAJ
W237BC Sterling IL to AFA for no consideration
0.00

RAM
BAPFT-20050202AAO
W243BK Princeton KY to AFA for no consideration
0.00

EB
BAPFT-20050214ABA
K259AY Reno, NV from to Your Christian Companion
43,000.00

EB
BAPFT-20050216AAK
5 FL translators to Reach Communications (Calvary Chapel Church Inc.)
80,000.00

RAM
BAPFT-20050216AAW
17 FL translators to Reach Communications (Calvary Chapel Church Inc.)
234,000.00

TOTAL BOOKED REVENUE
803,500.00

TOTAL GRANTED REVENUE
270,000.00

Now that's what they have done with 83 of their [1,026] construction permits. Now, let's assume first that the FCC approves every assignment application (where they change a CP to another party) and RAM/Edgewater is able to sell every CP.

[Slightly fuzzy math on cumulative spectrum property value omitted] TALK ABOUT A GET RICH QUICK SCHEME!

THIS IS INSANE. THIS MUST STOP.

Sorry to spoil your dinner.

\rec