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Technology Stocks : Full Disclosure Trading
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To: BWAC who wrote (6345)7/10/2003 5:48:36 PM
From: Sam Citron  Read Replies (1) of 13403
 
MIR S 1000 2.275
Loss ~ 1880.

While I think it's generally unwise to dump shares in a crowd just after a major brokerage downgrade, the following report succeeded in persuading me to puke up my shares:

"We believe that the probability of achieving an out-of-court debt restructuring by the July 14 midnight deadline has declined below 50 percent, maybe well below," said Merrill Lynch, as it cut the rating to "sell" from "neutral." "Downside risk to the stock price ranges from zero in an involuntary bankruptcy to maybe $2 in a [pre-packaged bankruptcy]."

"While most of the bank deals in this sector have gone down to the wire, or even been extended, they all had the lead banks on board at this point," the firm wrote. "To our knowledge, neither Citibank nor CSFB has yet agreed to support MIR's plan."

marketwatch.com;

Probably overreacting, but am not in the mood for a crapshoot.
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