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Gold/Mining/Energy : Solv Ex (SOLVD)
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To: Gary L Schultz who wrote (5115)11/23/1997 2:58:00 PM
From: sacrqb  Read Replies (1) of 6735
 
I owned shares in a company CLC which went into Chapter 11 ten years ago. They ran grain barges down the Mississippi River and had considerable assets in equipment. Unfortunately, Carter issued his grain emborgo on Russia and the company"s cash flow dried up. During court directed reorganization new shares were issued, 90% of which went to the creditor banks. The common shareholders were last in line of creditors and therefore were apportioned the smallest amount of equity in the reorganized company. The reorganized company (new shares),btw, were bought by a larger, financially sound company, but the original shareholders received little for their investment. I suspect something similar will occur in this situation, and believe there is still considerable downside risk in this stock.
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