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Non-Tech : Simula (SMU)

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To: Noblesse Oblige who wrote (1627)	7/5/1999 2:13:00 AM
From: bigg e	Read Replies (1) of 1671

N.O....you're right on about the toxic convertibles. They've been shorting all along pressuring any upside potential. Got squeezed when the positive earnings release hit but used the opportunity to short into it. What's your take on the C/C buyout? I'm trying to read between the lines and can't figure how the numbers are working. The 10M, does that include assumption of debt or is that above and beyond, assuming the sale is finalized? Sounds like Townsend had no intention of a PR relating to the potential sale but was pressured into the PR due to the credibility issue. These guys need to wake up. The street does not like SMU management so thank goodness the IR firm apparently forced the issue on the C/C sale PR. Now just hope the sale can be finalized and they use at least some of the proceeds to clean up some of the convertible. Three issues here and we're on the way back up...1) clean up the toxics, 2) SAN turns positive and 3) ITS lands a domestic major SUV. Don't think it will happen overnight, but believe all are attainable.

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