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Non-Tech : FTL- Fruit of the Loom -- Ignore unavailable to you. Want to Upgrade?

To: Loyalist who wrote (107)3/16/2001 7:20:01 AM
From: Arthur Tang  Respond to of 161
 
It means the unsecured creditors will receive 1% of the new common stock. The banks will receive 99% of the new common stock for their $1.2 billion secured debt.

Stockholders are the last ones to receive anything. So, sell off is the wise thing to do before the reorganization plan is approved by the unsecured creditors' committee. This is a cram down(your throat) bankruptcy.

Good luck with your other investments.


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