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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (198648)10/18/2002 6:50:55 PM
From: reaper  Read Replies (8) of 436258
 
i actually cleared a lot of my S yesterday on that huge move. but yes, i now think they are officially in serious trouble. i'm hoping for a rebound. maybe i shouldn't be getting so cute. i had long stated that they were a POS bank masquerading as a POS retailer, and that credit problems would be the sign that things might be spiraling out of Lacy's control. well here we are. oh, and by the way, they have all that extra debt from the Land's End transaction now. nice timing.

on gov't not letting GM go under, there is a big difference between GM going out of business (i.e. shutting down) and GM equity being worthless. i think GM equity is worthless. they'll still be making cars in 2008, its just that the equity that will exist in 2008 will be owned by the current debtholders and employees, not the current shareholders.

Cheers
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