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Biotech / Medical : FPA Medical Management - FPAMQ
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To: RKroupa who wrote (1098)3/9/1999 4:01:00 PM
From: Ben Beale  Read Replies (1) of 1110
 
I don't see FPA's stock trading for more than a few cents post-petition. Net assets, mostly borrowed money and some equipment, account for less than $220 mil. Total ch. 11 claims are $3.7 bil. Management says the amount owed will be substantially less, but between the priority claims like tax, debtor-in-possession, and secured, plus the cost of administering the bankruptcy, I come up with $1.3 bil. in liability likely to survive post-petition. There will be 40 million new shares of common stock, so I calculate a book value of (-)$27.5/share.

r/s
Ben
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