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Technology Stocks : VerticalNet, Inc. [VERT]
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To: stockman_scott who wrote (141)3/12/1999 4:00:00 PM
From: mod  Read Replies (1) of 1094
 
Interesting VERT side play:

Progress Financial Corp, a bank, got 47,837 warrants to buy VERT stock for very little (some less then $1, some $3) after they lent money to VERT. At current prices, this is a potential $5 million windfall for PFNC, which only has a market cap of $83 million.

PFNC looks cheap by itself, and the VERT profits don't appear to be priced in to the stock. They also appear to be lending to other high tech companies in Penn., and getting equity kickers as they did in VERT.
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