Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (16579)	5/19/2002 11:05:40 AM
From: Mad2	Read Replies (1) of 18998

Dear Mr. P$NK; I Respectfully suggest you examine the merits of shorting WNC. Currently the market awards them a market cap of 237 mil, however they have never made a nickle in 17 years, company produces a commodity which isn't in demand currently and equity is at best 25mil, with debit in excess of 335mil. Just entered into a bankruptsey remote SPE for financing recievables. The company with recent writedowns has never made a nickle. They attracted clients by offering to purchace back used trailers at a fixed price. Long term debit refianced in April 2002 for 325 basis points above current level (9-11.5% current rate) on 192 mil in debit. Trailer business isn't picking up and remains highly competitive. Simply, WNC is overvalued, with too much leverage and no operating profit. Potentially a bankruptsey canidate mad2

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