Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (14751)	1/24/2001 3:38:11 PM
From: RockyBalboa	Read Replies (2) of 18998

Trouble for CNC, too? FNV, Leucadia ends investment... Wednesday January 24, 3:16 pm Eastern Time FINOVA, Leucadia end securities purchase agreement SCOTTSDALE, Ariz., Jan 24 (Reuters) - The FINOVA Group Inc. (NYSE:FNV - news), a financial services company, and Leucadia National Corp. (NYSE:LUK - news) said on Wednesday they have mutually agreed to terminate their securities purchase agreement, whereby Leucadia had proposed investing up to $350 million in FINOVA. ``The termination was agreed to after it became evident that the parties would not likely conclude a restructuring agreement with FINOVA's bank lenders and public debt holders on terms deemed mutually acceptable to FINOVA and Leucadia,'' the companies said in a statement. FINOVA said it intends to continue working with its creditors and anticipates presenting a revised restructuring plan in the ``very near future.'' ``As previously noted, it is expected that substantially all of the company's lenders will have to agree to this restructuring to avoid the possibility of reorganization under protection of the courts,'' FINOVA said.

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