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Technology Stocks : Zenith - One and Only
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To: stilts who wrote (6341)10/6/1999 9:13:00 AM
From: Robert Utne   of 6570
 
According to the S-4, three groups of bondholders claim to own or control more than 50% of the bonds. As I recall, they were listed as Loomis Sayles, Mariner Investment Group and Caspian Capital Partners.

Another entity, GrowpW Partners has tendered to buy the bonds at 11 cents on the face value dollar with a closing date of October 18, 1999. The bonds are trading at 22 cents currently.

What appeared very peculiar to me is that the bonds were being solicited, at premium-rate bids, reportedly by the Pennsylvania Merchant Group and others in late 1997. This was the same period when there was a massive short attack on the stock, reportedly by Goldman Sachs and others (about 15 million shares of short interest, virtually the entire float of the common stock held in street name).

I have no idea if the SEC has looked into these irregularities. If they haven't they should.
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