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Non-Tech : Morrison-Knudsen (MRN)
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To: Mark Bauer who wrote ()5/14/1996 9:23:00 AM
From: Ira Vine   of 27
 
The company has essentially gone bankrupt. They have planned to re-organize giving shares in a new company to the bondholders; the current stockholders get warrants to buy stock, presumably at a much higher price. Exact terms have not been announced. There was a speculative jump when it was announced that Washington Industries might buy the company, but MRN says that this won't change the deal for current shareholders. Because this company still has a lot of business (their backlog is $1.5 billion) it may be that the warrants will be a good risk; but I am waiting to see what happens. The Wall Street Journal, among others, has questioned the recent run-up in value (and probably caused the subsequent fall).
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