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Strategies & Market Trends : Winter in the Great White North -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (928)	6/9/2001 12:24:21 AM
From: teevee	Read Replies (3) \| Respond to of 8273

Red, I hope your still not holding TSX Yes, but I don't hold a lot of the shares. My first buy was at $2.05 and my next buy was at $1.87. I was tempted to buy some more stock today but didn't because most of what I have put into TSX went into the bonds at 11 to 12 cents on the dollar. I didn't see the point of buying more stock as even at these prices, the stock doesn't have as much leverage as the bonds do, although the stock is far more liquid. Ask me again after June 15th when the next bond payment is due:-)) Cash on hand and cash flow tells me that bond payments will be made this year, but I suppose the guidance the company gave two weeks ago could change. I had the opportunity to buy bonds so cheaply for a reason-poor visibility going forward and the perception that the likely hood of default is very high. The numbers tell me otherwise, but sometimes perception actually does become reality. There is the risk that I could get my head handed to me on a plate, but if it happens, there will be some serious questions asked about the book keeping and reporting by the authorities. Hell, even book value, after subtracting bank debt, bonds and preferred shares is US$2.60/share. What do you hear about PFN these days? I have a gut feeling that PFN will make a move soon. cheers, teevee