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Non-Tech : Loewen Group
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To: Michael Bidder who wrote (134)4/1/1999 7:50:00 AM
From: Demetre Deliyanakis  Read Replies (1) of 277
 
The liquidation value analysis done by Daniel is conservative.

It does not take into account that the properties that were sold yesterday were virtually all cemeteries. The NRV for the funeral homes will be higher than for cemeteries. The assets that were sold are among the weaker properties that the company owned.

The margins for the funeral homes are higher than the cemeteries.

The settlement that LWN reached with its bankers,will allow them to sell off additional properties over the next few months at better prices.

LWN is still in deep trouble,but a bankruptcy filing is premature at this point.

The LWN bonds are a safer investment at this point than the common stock. However, the common stock has more upside potential.

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