Cityscape Financial (CTYS) Message Board

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Non-Tech : Cityscape Financial (CTYS)

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To: Shane Stump who wrote (979)	10/16/1997 2:31:00 PM
From: Shane Stump	of 2544

I have got a few emails asking me if I still own CTYS. The answer is yes, but very little compared to what I had. I have been following this stock for the last two months and I have ridden it's ups/downs. But after the downgrade from Moody's on Friday along with the low price of some other stocks, I liquidated most of my shares on Friday + Monday. I own a small software company and I can't afford to be spending the time watching and agonizing over a stock as much as I have with this one. I have been out of town (in the boonies on a lake with NO phone) and I just got back. The fall is even below the worst I would have contemplated. Sankar's posts about the new "information" the company released in its latest SEC filings would lead me to agree with others who have posted that the management is NOT above reproach. The only reason I rode this one out as long as I did was because: 1) CEO purchasing 100,000 shares in August. 2) Didn't know about the other directors selling large blocks of shares (or this would have negated #1). 3) I had been told on several occasions from the IR department that they believed that they would announce a favorable resolution to the UK problem (this hasn't happened and I don't know if it ever will at this point). This has been a VERY expensive lesson for me. I tried along with many others to figure out why the P/E for CTYS is so low. I still think we are missing some important information. I have had others ask me today if I think the price can go lower. I don't know, but I personally have chosen NOT to find out. I really believe with all the bad publicity surrounding this company now, any undotted 'i's or miscrossed 't's in the upcoming earnings report, will send the stock much lower. Good luck, Shane

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