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Non-Tech : Boston Market (BOSTQ)
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To: Tiburon who wrote (1466)10/13/1998 12:14:00 PM
From: sks1  Read Replies (1) of 1567
 
Look at PCSH This is the "new" Payless Cashways that came out of a pre-packaged Chp 11 bankruptcy last fall (1997). The old bond holders and secured debt holders own almost all of the "new" PCSH. Old common holders got 1 share of the new for every 100 of the old they held. Sub-debt holders got about 26 new shares per old bond they held. Secured debt holders control the new company. Entire market cap for "new" company less than $20mm for a company with $1.5 billion in sales.

This message is not to promote PCSH but to give a legit example of what happens to old equity in bankruptcy filings.
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