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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: The Osprey who wrote (95515)11/6/2001 10:25:31 AM
From: Joe Copia  Read Replies (1) of 150070
 
nice gamble but NXCD may get a 'Q' before a buyout offer.

The San Francisco-based company, which had $2 billion in outstanding loans and 1.2 million customers as of Sept. 30, said it hired Goldman, Sachs & Co. to sell the business to a "larger, more established financial institution."

Management attributed the decision to lending restrictions slapped on the company after bank examiners uncovered a raft of bad loans and declared NextCard to be "significantly undercapitalized."

The classification freezes NextCard's growth and means NextCard won't be able to make most business decisions without the approval of bank regulators.

NextCard said it needs about $140 million in additional capital to meet the minimum standards of the Office of the Comptroller of the Currency.
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