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Non-Tech : Tyco International Limited (TYC)
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To: biostruggle who wrote (3214)4/26/2002 11:52:54 AM
From: GVTucker  Read Replies (1) of 3770
 
Marvin Bregman, RE: More losses on the way. If TYC can get 7 bill for CIT in fire sale, will result in 4 billion dollar loss. CIT carrying value on books is 11 billion.

I am pretty sure that is inaccurate. After the partial asset sales out of CIT, the carrying value is a bit more than $8 billion.

They'll still be selling it at a loss, yes, but not as large a loss as you describe. And given that the price paid is a sunk cost anyway, the nominal amount the loss is irrelevant except for any bank covenants it might trigger.
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