Ampex Corp: Digital Storage Message Board

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Technology Stocks : Ampex Corp: Digital Storage

AMPX 12.04

+13.9%

2:09 PM EST

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To: Kevin O'Donnell who wrote (1407)	1/23/1997 9:42:00 PM
From: Hal Campbell	of 3256

Kevin, The mysteries of past restructuring charges resulting in negative worth are always something of a mystery ... though I believe AXC has quite a tax loss carry forward. Still I would welcome comments from any corporate CPAs out there. Actually they have cleaned up their balance sheet nicely in the turnaround. As Gus has explained so clearly in the past ( what hasn't Gus explained? I'm sure glad he is on our side)the two big items on the balance sheet now are the roughly 70 million in convertible debt, and the 69 million or so in "other liabilities". The convertibles are 8% pay as you go debt ..that can be converted into common stock, at the company's discretion, at any price above 4. The "other liabilities" are pension responsibilities from AXC's mammoth downsizing, and actually went to Quantegy along with the sale last quarter of Ampex Media. If Quantegy's somewhat risky business plan should fail, the 69mil in liabilities would revert to Ampex. The cosigner sort of. The balance sheet is not pristine, but it holds no imminent dangers.Personally, I have been impressed with the methodical way AXC has gone about tidying it. Used to be a scary sight.

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