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Biotech / Medical : PHP Healthcare
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To: Jim Mac who wrote (111)10/31/1998 11:09:00 AM
From: CMon  Read Replies (1) of 136
 
In my opinion things are alot worse than you seem to realize. I would bet that the recent asset sales were forced by Nationsbank in an attempt to get their bank line reduced as much as possible before a bankruptcy. I would very much doubt that the proceeds from the sales were made available to the company.

The convertible debt of PPH was most recently quoted at less than 10%.The remaining preferred stock comes after that in restrucutring priority. There is zero equity value to this company. Furthermore, with the convertibles trading at that discount to face, at what bid do you suppose the banks would be happy to sell their debt? No where near par I am sure. And if that is the case, there is no way the bank would allow PHP access to the asset sale proceeds.

All of the above is just my best guess.
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