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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (214940)1/16/2003 10:51:44 AM
From: reaper  Read Replies (1) of 436258
 
no, recall that i removed my $0 target when they did that big equity deal; once they got that money it solved the liquidity crisis. it was hugely dilutive (and we are seeing some of the results of that today; LOTS of weak hands shaking out) but it put them in a position where they would be liquid for at least another 2-3 years. fwiw, given the results today, if they HADN'T gotten that deal done, they'd be finished 'cause there's no way anybody would give them money at this point.

recall a similar thing happened with Providian. they sold off a lot of the sub-prime portfolio, got a bunch of cash into the company, and averted total disaster. doesn't make them a good company, but does allow them to be a survivor.

Cheers
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