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Politics : High Tolerance Plasticity

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To: Think4Yourself who wrote (12226)	2/4/2002 4:52:35 PM
From: Raymond Duray	Read Replies (1) of 23153

I've been PMing a friend on the matter, here's the gist of my views, perhaps overwrought, but I doubt I'm wrong: -Extremely defense prose from the TYC exec. Very bad sign. More importantly: Message 17009285 The downgrades follow Bermuda-based Tyco's announcement on Monday to tap $5.9 billion of credit lines to pay down $4.5 billion of maturing commercial paper. That's an unusually large drawdown for an investment-grade company. TYC is going bankrupt. Not next year. Soon. The cash burn is too daunting, the Ponzi scheme exposed. Investors learned in 1969 that rollups don't work. Then a new generation of fools was born. They're about to learn that rollups don't work.

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