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Microcap & Penny Stocks : Payless Cashways- In Chapter 11 (PYLSQ-OTCBB)
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To: NHP who wrote (18)11/19/1997 12:26:00 PM
From: Wade Spencer Graves   of 41
 
21 cents is insane run for the hills!
maybe not if you believe the Company is sound.
Beats me but it sure is fun to watch.

Bustling Trading in Payless Cashways Stock Puzzles Market Oct. 29 (The Kansas City Star/KRTBN)--Trading in Payless Cashways Inc.'s stock continues to be active, with almost 2.3 million shares changing hands Tuesday. Payless stock was 40 percent more active than Sprint Corp. shares. Payless' stock closed at 21 cents a share, up 5 and one-half cents. For the week, the bustling trading has puzzled market and bankruptcy watchers. Peter Chapman, publisher of Payless Bankruptcy News, doesn't know why the shares are so active. Neither does local investment adviser Jerry Duggan. "Sometimes you'll see a lot of trading activity in a stock that's in Chapter 11 before the distribution outcome is known, but that's not the case here," Duggan said recently. "It's baffling." According to Payless' proposed distribution to existing shareholders, holders of current Payless stock will receive one share of new stock for every 100 shares they now own. That information coupled with calculations that values the new stock to be worth $9.20 a share on paper, assuming Payless successfully emerges from Chapter 11 reorganization, means the stock should be trading in the 9 cents-a-share range. However, when and if the new stock starts trading, it could trade above or below that target price.
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