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Non-Tech : Pathmark SUGHP.OB -- Ignore unavailable to you. Want to Upgrade?

To: Paul Berliner who wrote (1)	1/28/2000 6:52:00 PM
From: Philip Armstrong	Respond to of 23

Yes but read the following Royal Ahold Breaches Merger Agreement with Supermarkets General Carteret, New Jersey - Supermarkets General Holdings Corporation (SGHC), the parent company of U.S. supermarket company Pathmark Stores, Inc., announced today that Royal Ahold of The Netherlands has breached their merger agreement and related stock purchase pursuant to which Ahold had agreed to acquire SMG-II Holdings Corporation. SMG-II owns all of the common stock of SGHC. Jim Donald, Chairman, President and Chief Executive Officer of SMG-II, SGHC and Pathmark, stated, 'It is clear that Ahold has not used its best efforts to get this deal closed, as they are contractually obligated to do. In addition, today they announced that they have terminated our merger pact and their tender offer for the outstanding preferred shares of SGHC, which they are not permitted to do under the terms of our deal. We are very disappointed that Royal Ahold has chosen to take this abrupt action. We intend to hold Ahold responsible for the consequences of its actions. We will, of course, also continue to pursue all of our altenatives to enhance the value of Pathmark to its shareholders, customers, and other constituencies'.

To: Paul Berliner who wrote (1)	4/23/2000 11:40:00 PM
From: Philip Armstrong	Read Replies (2) \| Respond to of 23

Year end report should be out this week. You might want to buy some of those prefered shares. Balance sheet says they have a value of $25.00 and the stock is trading at $2.5. If their anouncment of going public and making their debt holders common stock holders the prefered could be worth a lot more than where it is now. The common is rumored to come out at $5.00 do the math. They will proabily use a chapter 11 to transfer the assets. The qustion is how many shares of common will you get for one share of prefered. My guess is 5. When they reduce thier debt they will be a buyout candidate and where the stock goes from their.