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Technology Stocks : FirstWave Technologies (FSTW)
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To: Mike M who wrote (7248)12/22/2002 10:12:44 PM
From: Oeconomicus  Read Replies (2) of 9677
 
Oooh, a new FSTW myth. FSTW has dug itself out of debt, eh? Bull! FSTW was never IN debt. They had lines of credit that they drew down, holding the proceeds in restricted cash. They couldn't spend it. They only did it to make themselves appear more liquid than they really were. And it cost them money - investing in treasuries or CDs or something else low risk and low yielding, while paying nice spreads to the bank. It was a farce. And to suggest that they worked their way out of debt is either just cluelessness on your part or a contribution to the farce. They paid off the debt from the restricted cash that was the proceeds of the loans to begin with. Sorry, Mike - another myth shattered. LOL.
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