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Gold/Mining/Energy : Panaco Corp (PANA) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (97)	8/21/2000 10:14:15 PM
From: Bearcatbob	Read Replies (3) \| Respond to of 115

Icahn boosts Panaco stake Also: TheStreet.com's Cramer ups holdings By Matt Andrejczak, CBS Marketwatch.com Last Update: 4:36 PM ET Aug 21, 2000 NewsWatch Latest headlines WASHINGTON (CBS.MW) -Billionaire financier Carl Icahn has boosted his stake in Panaco Inc., a Houston, Tex.-based oil and gas exploration company. Icahn, through his investment vehicle High River Limited Partnership, purchased an additional 1.96 million shares of Panaco (PANA: news, msgs) for $3.39 million, or $1.73 per share, according to documents filed with the Securities and Exchange Commission on Monday. In the filing, the financier also expressed that he would be willingly to buy "10 5/8 percent senior debt notes" due 2004 from Panaco, if the company requested. Oh man - I shoulda hit the $1.75 price last week! Bob High River now owns 6.54 million, or 26.91 percent, of Panaco's outstanding common stock. The shares were sold to Icahn by New Valley Corp., a Miami, Fla.-based investment company that formerly held more than 2.1 million shares of Panaco.