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Biotech / Medical : FPA Medical Management - FPAMQ
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To: Tom Hua who wrote (762)6/20/1998 11:30:00 PM
From: Douglas V. Fant  Read Replies (1) of 1110
 
Tom, From Al Frank's "Prudent Speculator" friday hotline:

PM EDTFor strong-stomached investors, we continue to
recommend the purchase of FPAM as we think the company will
survive its current cash crisis and that the stock is worth
many times its near- $1 price considering that it now trades
for 5% of revenues and the company operates a network of
7,900 physicians that treat 1.4 million people in 29 states
under contracts with health maintenance organizations
(HMOs). Although the market seems to be betting on a
bankruptcy filing as Standard & Poor's and Moody's have cut
their credit ratings to "default", we think that there are
far too many parties with a vested interest in ensuring
FPA's survival. These include giant HMO operators Humana and
Pacificare, which have recently entered into new or revised
agreements with FPA for healthcare services for their
members. We also believe that FPA's strategy of growth via
acquisition has turned many FPA-affiliated physicians into
large FPAM shareholders. In '97 alone, FPAM completed the
following acquistions - AHI Healthcare Systems for STOCK,
HealthCap for STOCK, Emergency Medical Care for cash and
STOCK, Axminster Medical Group for STOCK, Health Partners
for STOCK, Carolina Heath Care for cash and Cornerstone
Physicians Corp for STOCK. Creditors have granted a "waiver
of any default" to July 8 as the company continues to
discuss potential financing with investors and lenders.
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