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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: Pluvia who wrote (1591)8/4/1998 4:19:00 PM
From: Q.  Read Replies (2) of 2506
 
Steve, re. CPTL,

the AR is interesting ... it looks too big. Do you happen to know how much of it is related to the amounts they were trying to collect in lawsuits?

Also, I wasn't able to find the terms of the convertibles. I did find that they were sold to somebody called Spectrum. The fact that Spectrum got a seat on the board suggests to me this is not the usual flip and run deal with convertibles that convert at a price that varyies with the stock price, but I was unable to find this info for sure. Do you know?

I remember a couple of years ago when you came up with what proved to be a very accurate warning of trouble with another long distance reseller, Teletek. As you pointed out at the time, on AOL-TMF, there was no easy way from the corporate structure to figure out who was really in charge or involved. In that case, TLTK ultimately folded one day, apparently without even declaring BK, due to criminal charges of stock fraud. Your warning proved to be incredibly astute. Other than being in the same lawsuit-ridden, low margin business, are there any other similarities you see in these two businesses?

Also, I would suggest looking at ILNK as a very bizarre peer in this phone-reselling business.
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