You deserve a quicker and fuller answer than this, bruce, but I plead lack of time due to the fact that gardening has taken over my life. But here goes anyway....
D. W. has addressed the debenture situation, accurately, imho. That leaves the cumulative preferreds, which indeed are accumulating. But by the terms of the restructuring deal, GTA doesn't have to pay a nickel until December 31, 2001 (at which time they mature) unless they want to "pay dividends or otherwise reduce the equity base". So it looks to me like they feel the capital is better used making deals than paying dividends, either on the cum. pref.s or on the common. Keep in mind that after accounting for accumulated dividends, they are turning a profit. Also that they have about 600 million bucks in tax-loss carry-forwards, an amount that dwarfs said dividends....
As for "getting the common off the ground" -- I submit that from my point of view it is in the air and climbing already, albeit at an erratic pace. I've been in since the fall, and have traded my cost down to a little under a buck at this point, admittedly due more to good luck than good management.
Management; Now there's a word and a concept that comes up in every discussion I have ever heard about Gentra......These people took over the gutted hulk of a failed firm in a depressed business, and turned a profit with it long before anybody would have expected. Sure, they had the tide of the interest rates and the optimism in real estate running with them, but still, they didn't get where they are sitting back collecting the rent........They're out there making deals, deals that imho will "add shareholder value". So I'm long on this one, would have got a little longer yesterday but nobody wanted my two dollars and ninety-one cents, maybe I'll spring for another couple of pennies in the morning.
And as for "making your day"....I wouldn't even attempt it, I suggest a garden, it makes my days......<g>......... |
