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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend -- Ignore unavailable to you. Want to Upgrade?

To: John Liu who wrote (1392)	7/11/1999 6:38:00 AM
From: Jim Garrison	Respond to of 2561

John: re PZN - partial comment from theStreet.com - enuf said CRA's Ferguson has expressed his skepticism from the beginning, based on the potential of conflicts between the REIT and the private operating company. "I cringed when the merger was announced," he says. Little did he know the conflicts would become so damaging to company investors. While the slide in the stock price may attract bottom fishers, especially given the nearly 17% indicated yield, most analysts are taking a wait-and-see approach. "When things get this distressed, you just don't know what's next," says Ferguson. "Remember Cendant." Doctrow, who estimates the company will have to borrow to maintain its current dividend, says the future of the company hinges on the completion of a $300 million high-yield debt offering and renegotiation of a $1 billion credit facility, both led by Lehman Brothers. Sources tell TheStreet.com the debt offering remains on track. However, no confirmation of the credit facility was available. "Is it a viable company going forward?" asks Doctrow. "That largely depends on the reception the company gets in the bond market." For now, investors seem content to leave the company's stock in the slammer, without probation anytime soon. "People are debating whether these guys are incompetent, or thieves," said Doctrow. =============full text at: (may have to be subscriber to access: IMO well worth it!): thestreet.com My opinion only. jim garrison