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Non-Tech : Pathmark SUGHP.OB
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To: Paul Berliner who wrote (9)4/27/2000 5:02:00 PM
From: Philip Armstrong  Read Replies (1) of 23
 
The situation is far from identical.
First Pathmark is a private company with no common stock trading.
Their press release announcement was that they would be restucturing their debt. Merril Lynch holds most of the paper on Pathmark and are not looking to take a bath.
Before the AHOLD merger attempt they had considered doing an IPO, they are again considering this as a way to deleverage their debt. They will attempt to turn thier bond holders and prefered stock holders into common stock holders. This get rid of their debt and makes them a very serious buy-out candidate.
Their 10k is due this week and I expect it will have an announcment of the direction they have chosen to follow. I believe it will be to go public. I also believe that the prefered stock holders will recieve 4 to 5 shares of common per share of prefered.
Their Preferd stock today traded a months volume in one day. Trading between 2 3/8 to 2 1/2 except just before the close someone traded 100 shares at 1 9/16.
I hope I have guessed right. If so it will be a nice pay day.
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