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Non-Tech : Wescorp and WFSI

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To: Gary Leger who wrote (35)	10/8/1998 3:08:00 PM
From: Mark Oliver	Read Replies (1) of 56

Gary, Are you still following this story? I've just learned that they plan a 500K share buy back to start after Oct 20. The short interest remains very high. They say they'll go to the market to buy shares. I spoke to Lee Wattcott, CFO. He said the following. -Loan loss has decreased since the new year. -Moody's has had them on a watch list for 6 months but has not changed their rating. Watch list due to industry problems. S&P just reviewed last week and rating remained unchanged. -Not securitizing auto loans this quarter because the lenders are not giving enough. They have plenty of funds, so they'll wait and try for a better rate next quarter. -Selling Servicing Rights because prepayments are too high. Expect this to continue. They find this good as new loans and refinancing is good. -No Internet loan activity yet. Looking into it. wfb.com Any thoughts on how low this will go before shorts cover? Will 500K shares help? Maybe not as they recently completed 800K share buy back. Regards, Mark

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