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Non-Tech : Cityscape Financial (CTYS)
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To: CoffeePot who wrote (2455)5/24/1998 11:24:00 PM
From: Zeev Hed  Read Replies (1) of 2544
 
Mr. Biggs, I think you are mistaken, the $3 billion you are quoting must be "originated loans" not assets. They have a negative book value. They are short cash and all their debt has been downgraded to less than investment quality. The current "originated loan" must be much smaller since, to raise money they had to repackage the whole UK division and take it off their books. We know not yet how much more red ink that will entail.

Last you underestimate the power of floorless convertible to dilute the current stockholders. Currently there are about 50 MM shares or so, but when the floorless converts at $.25 there will be 250,000,000 outstanding. That brings serious legal problems since only 100 MM are authorized. If you underestimate this dilution, you do it as many have before at your own financial risk. There so many other beaten down stocks that have a prayer, why deal with this one, where you cannot even get updated financials.

Zeev
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