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Technology Stocks : GX Investors Thread

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To: Maurice Winn who wrote (533)	2/13/2002 11:55:44 AM
From: Bonzo	Read Replies (2) of 586

While shareholders are understandably angry, if there isn't a better offer for the assets, then that's all they are worth. If the creditors aren't paid out, then I don't see why the shareholders should get anything at all. That's how debt works and everyone [who is investing and taking on debt via their companies] should know that. Agree with your first sentence. Since this is a re-structuring and not a liquidation I don't agree with your second sentence. MFNX shareholders were diluted by some 70% yet were allowed to participate in the re-capitalized company. GBLXQ says operationally they remain viable and are actively booking new business. What happened to selling Global Marine? What happened to selling Racal? What about selling some or all of AX? Why didn't they approach bond holders earlier and re-structure the debt? Covad did it. MFNX did it. LVLT did it. Its obvious now that management was driven by greed, mis-led investors, employed questionable accounting practices, and were very shareholder unfriendly. All under the "watchful eye" of an incompetent BOD. Shareholders didn't stand a chance.

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