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Non-Tech : Cityscape Financial (CTYS)
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To: sjemmeri who wrote (1608)11/14/1997 12:35:00 PM
From: Zeev Hed  Read Replies (1) of 2544
 
Apparently not, since they are still assuming 32.5 MM shares roughly the same as last quarter. I should have said 100 MM preferred conversion, by the way.

I have based my calculations on true net book (net less "goodwill") at $146 MM and taking an additional 50 MM shares with conversion at $2 share. The situation is worse if in the last few weeks of heavy volume a lot of conversion occured at the 1-5/16 to 1.5 range. But until they get authorization to issue more than the 100 MM shares authorized, the worse book value is $1-7/16, so we are not too far from there. Of course if they experience additional deliquencies due to an economic slow down here and in the UK, then look below. WE must remember that they have a portofolio of more than $2 Bill and are originating at the rate of about $.5 Bill per quarter. If some of these are sub par (and after all this is their specialty), then they are exposed to a downturn in a bad way.

Zeev
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