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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (7534)	9/9/1999 10:52:00 AM
From: sjemmeri	Read Replies (1) of 78666

It's been a while since CMM was discussed here but today there is a Herb Greenberg article on CMM on thestreet.com. It says a plan is expected to be announced Friday. Here's a paragraph from it: Those, of course, are only his assumptions, but you won't find any argument in the possibility that Criimi's common stock may hold value from William Ackman, a partner at Gotham Partners, which owns a 9.8% stake in Criimi bought after the bankruptcy filing. (Ackman also bought into Alexander's after its bankruptcy filing.) Ackman believes the company's reorganization will include selling 30% to 50% to another buyer, who will get convertible stock that could convert in the 3 to 4 range. (The stock, which traded as high as 13 over the past year, closed yesterday at 2 1/4.) He also believes the company will resume paying a dividend after bankruptcy in the form of preferred stock (it used to pay an annual cash dividend of $1.60 per share) and that it could make a special one-time dividend to cover past dividends that have been held back.

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