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Biotech / Medical : Henley Health Care (HENL)
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To: Dick Jaffe who wrote (57)11/25/1997 10:02:00 AM
From: michael c. dodge   of 89
 
I do not agree that this is a world class company.

What is disturbing indeed, is that for a largely illusory agreement to allow increase in the (superior lien position) Comerica debt (from $10mm to $12mm), Henley has granted Maxxim an increase in Maxxim-debt conversion ability to acquire Henley at a reduced price (price reduced from $3.00 per share, to $2.00 per share, increasing the cheap Maxxim position from 43%, to 53% of Henley). This is an obvious and material detriment to the public shareholders....a position no public shareholder should voluntarily enter.

To quote Warren Buffet: "People who have behaved badly in the past, will behave badly in the future."
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