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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: alan who wrote (16316)2/25/2002 5:40:03 AM
From: oryx  Read Replies (1) of 18998
 
MINI reminds me of Tiphook a UK quoted contr lessor that grew its fleet rapidly in the late '80's mainly debt funded. The valuation was very racy as investors liked the "growth".

Ultimately, lease rates turned down, capacity u. tumbled leaving boxes piled up, residual values plummeted and the co's dep'n policies led to restatement of earnings and a big b/s hit.

Bankruptcy followed and the fleet was finally sold to a unit of GE by the administrators. By then, the equity was essentially worthless if I recall....
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