GIFS Message Board - Msg: 829604

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Microcap & Penny Stocks : GIFS

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To: Harvey Kirby who wrote (2264)	2/15/1997 9:33:00 PM
From: pat mcvay	of 8012

to all The negative opinions on this thread are starting to be humourous. i remember the postings a while back that gifs did not own the 100 mil bond and total assets were only 10 mil or .49 per share. the sale of congress for 117 is eyed as being impossible now because who would pay so much for so little. my best guese is that gifs did own what they claimed. a 100 mil bond or cd or whatever plus some additional assets and .20 -.25 projected earnings for 97. it may be that it was a bargain at 117 and both sides win. gifs may have wanted to clear this whole book value up by converting assets that others questioned into cash payments that could not be questioned. unfortunately on this thread cash payments are even questioned. the 1 mil per month is minimum and does not include interest. it has not been decided if interest will be paid up front, balloned, or paid as an additional amount each month for 10 years. it will probably be some combinations of these. mike rhetoric stated that the sale would most likely increase book value slightly. they will not be sure until final deal is analyzed. they basicaly sold around 117 mil in assets for 117 mil and will finance the deal. collateral ensures that gifs will not be left holding the bag. someone posted that the news left it open to interpretation if gifs got .58 per share for each of 9 years or .58 for the 9 years. mike stated .58 each of the 9 years. how selling assets that some did not think they owned for 117 mil can beconsidered a negative by these same people i do not know. others whine about why would anyone sell the core business. the price was right. congress was projected as .20 to .25 earnings and they now have a guarantied .58. if they get some cash up front they can use it to buy a core business or expand existing. if anyone disagrees tell me why.

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