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Non-Tech : How to Play the Big Savings and Loan Lawsuit
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To: Robespierre who wrote (37)10/2/1996 6:45:00 PM
From: Charles Holewinski   of 63
 
Hi Rami, I like this thread you have started but I don't understand how to get into it directly. It is listed under the MISC group if SI and is titled "*How to Play the Big Savings and Loan Law Suit" in the MISC(General) sub group, but if I look under the MISC (General) sub group I do not see this title. I am only able to get into this thread by first looking for GlendaleFederal under the Banking sub group and then twicking on a WWW address someone has posted in a message on that thread. Well enough of how I got here.

I have been a holder of both Glen Fed and Cal Fed for several years and was able to get my lost money back by buying their conv pfr issues when they were very low. Bought Cal Fed cv pf at 16 7/8 and Glen Fed cv pf at 23. I currently holding Cal Fed common and am able to show a nice profit with the take over price of 23.50. I also have the CALGZ shares as a result of my common shares. Could you please help me understand the nature of the GoodWill Participation shares (CALGZ) which Cal Fed issued earlier this year. I received one share of CALGZ for each share of common I held and it was my understanding that the total of these certificates are equal to 20% of whatever Cal Fed recovers in its law suit against the Federal Government.

As a result of the buyout of Cal Fed new GoodWill Participation shares are to be issued in their place and I think they will have the same value as the original CALGZ. I do not think that this buyout will have a negative effect on the value of these shares (CALGZ and/or their replacement) since I feel that the bank which took CalFed over must have taken them into consideration when they offered to buy CalFed. Additionally show me a banker who will turn down more money regardless of how it is obtained as long as it is honest.

I have received several communications from CalFed concerning this butout and the issuing of the replacement GoodWill Participation shares. Nowhere have I seen that these new shares are any different than the old (CALGZ) which again I think allows for a 20% participation in what is collected. I have never seen the % numbers which you posted. Please do not take this as a criticism but merely a statement of what I have seen with the hope that you would correct any erroneous info I might have.

Thanks for your info,

Charles
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