Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Broken_Clock who wrote (55650)	11/30/1999 1:45:00 AM
From: IndioBlues	Read Replies (1) of 95453

You know Pap King, this selloff on PAA has been pretty severe and I am wonder if it might not be a bit overdone. My reasons: (1) We haven't heard anything yet as to whether the unauthorized trading losses might be covered to some extent by fidelity insurance policies; (2) The general partner is willing to toss in another $60+ million in additional capital if the lenders cut PAA a little slack; (3) PAA was attempting to sell the Cal-Tex pipeline even before this story broke. If a sale can be consummated on decent terms, that should provide more cash; and (4) You have to think that dividend (even if it has to be cut back for a time) will attract value/turnaround players. This is an intriguing play. If I hadn't recently had my ass handed to me on MDR (I'm in at a blended 11 3/8) I might just try to make a go for it. Heh heh

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