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Strategies & Market Trends : Asia Forum

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To: Zeev Hed who wrote (5996)	8/30/1998 6:45:00 AM
From: Stitch	Read Replies (1) of 9980

Zeev, <<If Japan could just turn itself around, it could be enough to absorb some of this supply. >> Don't count on it too soon if there is any truth in this article. nypostonline.com excerpt: Marty Whitman is made of sterner stuff. You may remember that back in mid-June I had spoken to the veteran distressed securities investor about his investment in the Long Term Credit Bank of Japan. At the time, his funds' average cost in LTCB was around 140 yen. On Friday the bank's shares closed at 54 yen. That is pain. When I called him back this week, Marty said he wanted to put off any comments on LTCB until next week, when I guess the fate of the current version of the Japanese government's rescue plan for the bank will become clearer. He did, however have something to say about how the workout process is proceeding in Japan. It isn't. "I was at a conference (on the Japanese bad-debt problem) in July, with senior Japanese officials and the American officials who are giving them advice. Neither side knew what it was doing, but the Americans were more arrogant", he said.

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