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Gold/Mining/Energy : Panaco Corp (PANA)

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To: stevedhu who wrote (64)	8/22/2000 8:21:05 AM
From: Ed Ajootian	of 115

Stevedhu, Rumor has it that Carl owns $85 M of the $100 M bonds outstanding. So the fact that he's triggered the Change in Control provisions of the indenture is a non-issue. Especially since he's agreed to buy from PANA any bonds that PANA is forced to redeem pursuant to those provisions. I would agree with Wolf on Raging Bull that we are going to see another wild & wooly day today -- my bet would be another quarter up, maybe even half a point. The Icahn Factor has just changed from a negative to a positive. Also natgas prices are going idiotic and when they break $5 it will be a big psychological boost. The free publicity to PANA from the news on Carl buying will prove to be very helpful. Time to raise price targets on this stock, yet again. I like round numbers, so here goes: Halloween: $4 Thanksgiving: $5 Christmas: $6 For folks that have been hanging on the sidelines, the worst mistake you can do at this point is just keep watching. Buy the stock today. You are paying more than you wanted to, but you are buying a very different (and immensely more valuable) security that you would have bought just a month ago.

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