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Strategies & Market Trends : Joe Stocks Trader Talk
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To: Joe Stocks who started this subject1/31/2002 9:28:15 PM
From: Joe Stocks   of 787
 
TYC- Look at the balance sheet. Many look at the $35bil in debt they have (as of most recent 10Q) One thing that caught my eye is that they have $38 Bil in Goodwill and other intangibles (asset). They also only have $32 billion in shareholder equity. If they have to write off the goodwill this will come out of shareholder equity and could leave them insolvent on paper (like AMZN is now). TYC acquired many of their holdings during the high prices of the late 90's and hence the large "goodwill" entry. Here's the problem: how are they going to apportion the debt and the goodwill into 4 companies with out some showing a negative shareholder value? I say TYC goes lower and could be an attractive short at this level especially if it gets back to the high 30's. JMO Joe
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