Recent News & Possible Loss
Ross & Andrew,
I can't believe that I did not see the news release dated 10/06/97 regarding a one-time charge this quarter before I added to my position at $16 5/8. This is the only item not listed on Yahoo! My second purchase decision was flawed from the start. A wise investor would have sold into the upward move. The correct strategy was to sell my initial position bought for $14 at $17 then re-enter at lower levels.
At least I'm in at a lower price paid by the insiders. "Chairman Abraham Gosman and several others at PhyMatrix started buying in last September 1996 as the price was falling. By the end of their spree, they had spent over $6.6 million between them for an average price per share of around $17.50."
insidertrader.com
Do ya think that Prudential initiated their buy rating of PHMX on 10/01/97 knowing of such a charge allowing them to unload?
09/30/97 - PhyMatrix Corp. Completes $100 Million Bank Agreemwnt
WEST PALM BEACH, Fla., Sept. 30 /PRNewswire/ -- PhyMatrix Corp. (Nasdaq: PHMX), a multispecialty, integrated physician practice management company, today announced that it has closed a $100 million revolving credit agreement with PNC Bank, National Association.
The new $ 100 million facility will be used to finance the Company's working capital requirements, to make acquisitions and for general corporate purposes.
10/01/97 - Research Alert - PhyMatrix (PHMX) Started as Buy
NEW YORK, Oct 1 (Reuter) - Prudential Securities initiated coverage of PhyMatrix Corp with a buy rating, a Prudential source said on Wednesday.
10/06/97 - PhyMatrix (NASDAQ:PHMX) sees Q3 charge due to acquisition
WEST PALM BEACH, Fla., Oct. 6 (Reuter) - PhyMatrix Corp said Monday it will record a one-time charge of $10.15 million in its fiscal 1997 third quarter as a result of its use of the pooling of interest method in acquiring Clinical Studies Ltd.
10/16/97 - PhyMatrix Announces Completion of Merger with Clinical Studies Ltd.
WEST PALM BEACH, Fla., Oct. 16 /PRNewswire/ -- PhyMatrix Corp. (NASDAQ:PHMX), a multispecialty physician practice management company, today announced that the merger with Clinical Studies Ltd. ("CSL") has been completed.
Regards,
Tom |
