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Microcap & Penny Stocks : WCAP - Winfield Capital: Insider buying
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To: David Wang who wrote (655)4/10/1999 11:59:00 PM
From: Tom Hua  Read Replies (2) of 1305
 
David, I don't know how to value an operating internet company like AMZN. WCAP, however, is not an operating company. It's basically a small closed end fund which is being played by momo and daytraders. It's not too hard to value a closed end fund, just simple math. BTW, some people don't realize that WCAP's preferred shares in Worldgate, Mpath, and Juno will be converted to common at a conversion factor less than unity. In the case of Juno, it's much less than unity.

Few weeks ago, when WSJ online did an article which included a less than favorable section on WCAP, it reacted with a 20% drop and WCAP was in the high teens at the time. From 40s, 50% haircut is easy.

Regards,

Tom
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