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Non-Tech : Pathmark SUGHP.OB
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To: Philip Armstrong who wrote (3)4/27/2000 2:42:00 PM
From: Paul Berliner  Read Replies (1) of 23
 
The restructuring/recapitalizion discussions may be brutal.
Grand Union had an identical situation in 1998. The company ceased trading in early 98 and the recapped company started trading again in 8/98 at $8/share. The price is currently under $2! Whatever you get for the PMK convertible debt should be dumped immediately after receipt. All the Banks that are on the hook will liquidate any equity they get just like they did to GUCO:

marketguide.com

LOL:
April 17, 2000
Federal authorities have informed The Grand Union Company that Donald C. Vaillancourt of Park Ridge, NJ, a former Vice President of the Company, was arrested by the Federal Bureau of Investigation in connection with charges that Mr. Vaillancourt embezzled substantial sums of money while employed by Grand Union. Mr. Vaillancourt, an attorney, was employed by the Company from 1971 until his termination last February as part of a corporate reduction in force. After conducting an internal investigation over the last several weeks, officials at Grand Union contacted the FBI and the United States Attorney's Office in Newark last week. The Company has notified its insurance carrier and will seek to recover any embezzled funds expeditiously. Grand Union does not anticipate that the allegedly embezzled funds will have an adverse impact on its financial statements, because the funds were already accounted for as expenses in prior financial statements.
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