Play-by-Play Toys and Novelties (pbyp) Message Board

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Non-Tech : Play-by-Play Toys and Novelties (pbyp)

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To: StockDung who wrote (84)	9/7/1999 11:18:00 AM
From: Dako	Read Replies (1) of 132

Even if one foolishly discounts the probability of significant shareholder dilution from a debt restructuring, how can any buyer of these shares get past the forced inventory liquidation (at God knows what discounts off balance sheet valuation) that is necessitated just to forestall the inevitable. Time Warner licensed merchandise represented an incredible 50% of PBYP's fiscal '98 sales, and PBYP stated in its most recent 10Q that it has "significantly underperformed" on required milestones. Why on earth would they continue on with these guys when 1) PBYP has done an inadequate job, 2) PBYP is not allowed to adequately stock said inventory for distribution, and 3) Time Warner has the right to develop new distribution at it wishes?

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