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Non-Tech : Auric Goldfinger's Short List
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To: Pink Minion who wrote (7929)6/26/2001 3:59:52 PM
From: Sir Auric Goldfinger  Read Replies (1) of 19428
 
BIGT (aka Pinnacle) is a BIG custoemr of MCOM which is circling the drain (see layoffs etc): "Meanwhile, some stocks roam the market like the living dead. Shares of Pinnacle Holdings, operator of towers for cell-phone and
pager networks, look like they've still got life at $4.80, down from $80 in March, 2000. But Worthington says they're worse than dead
money. The company needs to buy or build more towers but is heavily indebted. Raising new money is impractical because of a
pending accounting investigation, which the company acknowledges in public filings. Ethan Schwartz, principal at CRT Capital Group,
says the stock might be worth only $1.75 after subtracting its debt from an optimistic assessment of its assets. More likely, if there were
a reorganization, the shares would be worth essentially nothing, he says. But you don't have to rely on his word. The debt market has
reached the same conclusion: Pinnacle's convertible notes trade around 47 cents on the dollar.
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