T & W FINANCIAL (TWFC) Message Board

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Non-Tech : T & W FINANCIAL (TWFC)

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To: StaggerLee who wrote (6)	10/30/1998 11:08:00 PM
From: mod	Read Replies (1) of 24

TWFC is cursed with gain on sale accounting. Anybody who uses it has had their stock pummeled, whether they deserve it or not. My understanding is that TWFC still uses it, so part of their projected earnings are not cash, but are dependent on the assumptions used in the securitization. This is not necessarily bad, but the market doesn't like gain on sale companies these days. I don't own any TWFC, but do own a lot of FSFH, a similar small ticket equipment leasing company. I've met with the CEO, and he assures me they will make at least $1.75 cash earnings in 1999. FSFH has sold off from 32 to 8. An affiliate of the Bass Family in Texas has taken a large position and been given a board seat. Dennis

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