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 (15457)	6/22/2001 5:09:39 AM
From: RockyBalboa	Read Replies (1) of 18998

Hey, Mr. Pink. Nice to see you back; from the past I remember that He was always very brilliant after having taken a lengthy sabbatical. :-) >>>>>>>>>>>>>>>>>>>>>> Monday June 18, 6:14 pm Eastern Time Actrade to write-off losses from Amwest liquidation NEW YORK, June 18 (Reuters) - Actrade Financial Technologies, Ltd (NasdaqNM:ACRT - news) said Monday it will write off approximately $5.4 million in the fourth quarter to cover losses incurred from the liquidation of Amwest Surety Co. on defaulted drafts. Actrade, which provides electronic payment technology for commericial trade, also said it was ``comfortable'' with full-year 2001 revenue estimates. ``With Amwest being placed into liquidation, we will write off the amount in the current period,'' said Alexander Stonkus, president and chief executive. ``Since the cash used to fund the defaulted accounts was drawn from our bank credit lines in previous years and has already been paid back, this charge will not impact our cash flow or ability to continue to expand our business, even though it will affect our current reported earnings.'' Actrade said its litigation with the Amwest Surety -- a subsidiary of Amwest Insurance Group Inc. (AMEX:AMW - news) -- is based on Amwest's refusal to pay Actrade's claims on several surety bonds that covered certain losses related to defaulted drafts. On June 7, a Lincoln, Nebraska court-appointed liquidator was installed to administer Amwest's assets, as a means of resolving outstanding claims against Amwest. Actrade said it will continue to pursue its legal rights in court.

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