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Technology Stocks : GX Investors Thread
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To: devonian who wrote (538)2/14/2002 12:57:56 AM
From: Bonzo   of 586
 
I do understand where shareholders reside in the pecking order - near the bottom. I also agree that bondholders should come out ahead of Common and Preferred. What I don't agree with is the means by which the company has decided to restructure the company. They could have done a pre-emptive filing (ala Covad) and/or restructured debt similar to the dutch auction LVLT successfully conducted while maintaining some equity value for current shareholders. The debt holders get more than common and preferred but no one is completely washed out. There are also salable and sizeable assets. I could never agree with a restructuring that completely wipes out old shareholders (and magically creates new ones) unless there is a Chapter 7 filing. With all the stock that GX issued in the past (Preferred, Convertible, Common), would Warrants be too much to offer existing shareholders? I wouldn't call that significant. Not even a bone from this shameless management team
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