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Non-Tech : BYDS
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To: Andrew Vance who wrote (141)2/4/1998 3:44:00 PM
From: James Hutton  Read Replies (1) of 152
 
Yeah, its like predicting the sinking of the Titanic just after leaving the dock. The past few years have been good to me in the market, except this debacle. Many lessons have been learned. Averaging down on a loser while it's falling; listening to incompetent IR people; listening to CFOs who say that they have 5 or 6 banks lined up who are willing to give $ to the company; committing to be a long term holder of a small cap in a competitive business; etc., etc.

Others obviously made the same mistake(s). I remember a sterling recommendation from a manager at Robertson-Stephens a couple years ago when the company was still making $. But they probably got out on the first whiff of bad news, as I usually do on a small cap. I didn't in this case.

I'm assuming that current shareholders will be screwed, as is usually the case in and after Chapter 11 (assuming there is an "after" for the company as we know it).

Oh well, the way others in my portfolio have gone this year, this will hopefully make a nice tax loss at the end of the year. Knock on wood.

Jon
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