Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (2531)	9/3/1998 8:19:00 PM
From: Gary105	Read Replies (1) of 18998

Mr. Pink, thanks for FP. Did more DD: 1. Most of their loans are home equity. The curious point is that many of their customers are in debt for more than 100% of the value of their homes and have difficulty finding credit elsewhere (not an opinion but from their SEC filing). This brings to question the real value of their $1.6 B high LTV portfolio. For example if it were worth only 75 cents on the dollar it would wipe out 80% of the $0.5 B book value. 2. Another company in the same business, PAMM dropped today to $5 -less than half of its $11 book value. Plus PAMM has positive cash flow. Gary

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