Pancho Villa's Short Analysis File Message Board

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Strategies & Market Trends : Pancho Villa's Short Analysis File

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To: Pancho Villa who wrote (47)	10/10/1998 1:19:00 AM
From: Mad2	of 287

Pancho, Synm caught my eye as I'm familiar with the oil gas and chemical industry. In many regards it shows potential as a fantastic short. Looking through some of the public documents it appears synm is a reverse merger with shl, where shl provided the cash and synm provided the "product". What has me puzzled if I understand this thing correctly, is before the merger shl had 31% of synm. With the merger that happened a short time ago shl gives synm $50mil and the orignal shl shareholders end up with 36% of the new synm. In effect old shl shareholders gave $50 mil. Seems a bit lopsided. On one hand I'm thinking "what does old shl mgmt know" as seemingly their action implies quite a bit of value in synm. Yet this also has the appearance of a very poorly timed scheme (reverse merge a loosing idea of how to get rich quick into a public shell pump and dump). Admitedly I haven't looked too deep into this yet, thus maybe the obvious is yet to be uncovered, however I'm still worried about this $50mil which smart people don't toss out. Was shl just stupid? BTW the latest filing is very interesting!!! You have been following this for a while, what's your take??

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