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Microcap & Penny Stocks : The Chadmoore Wireless Group (MOOR)
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To: strength_in_seattle who wrote (1634)9/1/2000 11:34:26 PM
From: strength_in_seattle  Read Replies (1) of 1651
 
Aug. 29 (The Philadelphia Inquirer/KRTBN

Nextel Communications to Buy Las Vegas-Based Wireless Firm

Aug. 29 (The Philadelphia Inquirer/KRTBN)--Nextel Communications Inc. agreed last week to pay $160 million for Chadmoore Wireless Group Inc., a license-rich but money-losing mobile-radio network based in Las Vegas.

That's about $100 million more than Chadmoore had been worth the day before, when it was a thinly traded penny stock on the OTC Bulletin Board.

Who said the sales price was fair?

That would be Philadelphia's own Berwind Financial Group, a unit of Berwind Group, the family-held, coal-mining giant turned real estate and investment conglomerate that advised Chadmoore on the deal.

At a time when local companies considering initial public stock offerings are being shopped to big Manhattan firms, off-Wall Street advisers such as Berwind keep busy buying and selling pieces of local banks, private companies and "special situations" that don't attract IPO-size hype, according to Berwind managing directors David P. Lazar and Mike Chesen.

How did Berwind get hired by Chadmoore? Jeff Lipkin, head of Chadmoore's biggest investor, Recovery Equity Partners, also owned a chunk of Victoria & Co., a costume-jewelry company based in Long Island whose recent sale to Jones Apparel of Bristol was advised by Berwind. In all, Berwind has closed 14 deals worth more than $500 million so far this year.
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