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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Haim R. Branisteanu who wrote (85761)6/25/2002 11:12:53 PM
From: Zeev Hed  Read Replies (3) of 99280
 
Haim, the problem is that they carry on their books thousands of "circuits" that were acquired (and money borrowed to acquire) that used to bring in $23,000 (last year) and no they bring in only $3000, I don't know what percentage these assets are of their total assets, but surely, these assets, if they went on the market will bring only 1/10 of what they are carried on the books. if that is more than $5 B of their total Hard assets", they are cooked. Downgrading of their debt will close the door to restructure their debt, some of which is coming due next year, and a fire sale of assets to raise money will bring these assets to their real market price. Without confidence, they have no access to money. By the way, their receivable are also doubtful, many of these are disputed accounts from the days they were slamming people (maybe they still do) and will never be paid.

Zeev
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