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Technology Stocks : McLeod, Inc. (MCLD) ---- IPO
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To: SPSEIFERT who wrote (714)9/25/2001 4:53:26 PM
From: Ashley800  Read Replies (1) of 1418
 
Don't know the specifics of the deal. I spent just 20 minutes looking up the filings, to show that preferred stock does exist and that a billion of it belongs to FL.

I'm also using "bankruptcy" to mean bankruptcy as well as any sort of scheme that allows preferred shareholders to steal the assets of the company without having to compensate the common shareholders. Could be a BOD decision to allow a full buyout to FL for pennies on the dollar of book value.

Or we could be diluted to next to nothing by new stock issuances.

I don't know why the price is getting killed on huge volume. I assumed that on Thursday and Friday of last week that institutions who, as a general rule do not hold stock of a company that is below a dollar, were selling causing the already low price of .93 to hit the .58 range. Thus my reason for buying Friday. Today's action could be a follow through on that and those buying now *could* be rewarded.

Or something else could be lurking behind the curtain so to speak. Look at it this way, if you were FL and you put in a billion dollars to own a slice of this company, and the company 2 years later is only worth 300 million total, wouldn't you be engineering something to recoup your billion? My gut tells me something is up.
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