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 (3351)	9/28/1998 8:36:00 PM
From: Kip518	Read Replies (1) of 18998

MF's take (includes a hedge to keep the long's hopes alive -- Clearly GE will be happy to pick up part of the portfolio when FP files for bankruptcy!) Home equity lender FirstPlus Financial Group (NYSE: FP) tanked $7 13/16 to $15 1/16 in heavy trading on reports that GE Capital Corp., the finance unit of General Electric (NYSE: GE), isn't interested in buying all of FirstPlus. The Dallas-based lender, which specializes in making loans up to 125% of the value of a house, announced about a month ago that it had begun discussions with potential acquirers in an effort to diversify and grow the business while reducing its dependence on securitization. GE Capital was among those sizing up the company and could still decide to make an equity investment, though it won't acquire FirstPlus outright. Merrill Lynch lowered its near-term rating on the company to "neutral" from "buy" but kept its long-term "buy" rating newsalert.com

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