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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area
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To: Crossy who wrote (3457)6/22/2003 8:53:42 AM
From: Patentlawmeister  Read Replies (1) of 37387
 
Crossy/Arnold: The last filing was for the period ending 12/31/02; the total indebdetness was around $200M at that time and net tangible assets was around $100M. Since they lost $27M in the prior 7 months i doubt it would be much higher than $27M for the last 6 months (12/31 till now). The Reuters press release this past Thursday night also said the debt was around $200M. It's possible that when he talks about the unsecured creditors receiving some benefit he means the common stockholders who were previously the unsecured creditors. IN any event, if they do owe, say, $300M now, an offer of $350-400m would translate to $2.50 - 4.00 per share (with 19M shares out) .... and if it's only $200M, it comes out to $7.50 to 10.00 per share. With this in mind i'll probably add to my position on Monday if the price stays under 40 cents.
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