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Strategies & Market Trends : Value Investing
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To: Bridge Player who wrote (16815)4/14/2003 9:21:38 AM
From: Sergio H  Read Replies (2) of 78615
 
BP, My thoughts on ALU are that there's info missing. The creditors are forcing ALU into bankruptcy yet they're co-plaintiff's in the law suit against the insurance companies.

The creditors must be of the opinion that bankruptcy is better avenue as they seem to be abandoning ship. Their claim that ALU misrepresented assets goes hand in hand with the lack of warning from ALU that the company would be in default on their loans just a few weeks after stating that financing arrangements had been made.

For me, this was an asset play with the insurance issue being an instrument to release the hidden value. If the creditor's claim is correct, then there's likely to be no hidden value. If there's truth to the claim of misrepresented assets then the shareholders are screwed.

A press release from the turnaround firm hired by ALU is expected soon.
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