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Technology Stocks : PINNACLE MICRO (PNCL) - A QUALITY PICK FOR '98
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To: Dusty who wrote (1465)12/26/1997 2:30:00 AM
From: Robert Florin  Read Replies (1) of 1709
 
Hi Dusty, I am sympathetic to your plight, but your wish is blinding your appreciation of reality. In a chapter 11 you most likely get zero. The reason most companies go into chapter 11 is that there is more debt owed to secured debt holders than there are assets. THe unsecured parties are the shareholders. I wouldn't, for one second, place any confidence in the the Bal Sheet. I haven't seen it myself, but I know that Bal Sheets (BS) can be very deceiving. You need to know the real story behind the supposed assets and liabilities.

Secondly, there are many interpretations of sales of the stock. For example, people holding short positions are sometimes required to cover that position with a "buy". The buy means nothing positive about the company. While I have no specific info, don't be surprised if the Blums have socked away a lot of $$$$ and are just managing the death of the company that gave them those $$$$. This company has a history of dubious financial manangement. While I don't remember the details, I believe that during one of the last administrations a few years ago, PNCL was "fired" by their auditors because of the way they booked orders on their P&L.

You should think about the dinner option for your shares. :-(
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