Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (11865)	12/15/2001 5:23:54 PM
From: Maurice Winn	Read Replies (1) of 74559

<Global Crossing shares fell 38 cents on the New York Stock Exchange to close at 74 cents, after falling as low as 65 cents, or 42 percent. They have fallen 95 percent this year, and 99 percent from their March 1999 peak. The company's "distressed" 8.7 percent notes maturing in 2007 were bid at about 7 cents on the dollar, down from 15 cents on Wednesday, and the mid-50s three months ago. The notes' yield to maturity exceeds 100 percent.> Good grief! I can see why you are very wary of being caught in the crossfire Jay and there you are, or were, right in the thick of it. I can now buy Global Crossing notes at a fraction of your price. If you still own them, I might think it time for me to take a wander through the carnage and see if it's worthwhile. I would prefer to see an overall market sag. 4c on the dollar sounds a more reasonable price than the current extortionate 7c. Globalstar senior notes were only 4.5c and Globalstar and Global Crossing are easy to confuse when typing so I'd like to pay the same for both. Markets sure are a lot of fun. Much more fun than I imagine Osama's having right now. Mqurice

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