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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Psycho-Social who wrote (27014)2/5/2002 7:35:36 AM
From: Zeev Hed  Read Replies (4) of 99280
 
psy, TYC has a negative net tangible book value, that is not something which can support by itself such optimism. The downgrade of their debt might be a major blow, it means that they have to withdraw forcibly from the commercial paper market, cannot replace it with long term bonds and must rely on a line of credit facility from banks, these come with some major strings attached. TYC will have to advance their splitting up process, and if the market is not conducive to such IPO, the roll up may turn into roll down. They have some great "operating" companies under their wings (like AMP, Kendall, US Surgical, ADT security and few other well known brand names) but they paid for these much more than the current market is willing to pay for similar companies.

Zeev
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