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

To: Arthur Tang who wrote (110)	8/10/2001 12:44:05 PM
From: Clement	Respond to of 161

And then there were two - Arthur, it gets worse (dated yesterday): [...] Sources close to the auction process said the first-round bids by both groups are in the $650 million to $800 million range. Based on Schwartz's figure, the suitors are offering between a four and five times Ebitda multiple. (Senior creditors, owed $1.2 billion, will likely take a haircut on such a deal.) Article in the Deal: thedeal.com

To: Arthur Tang who wrote (110)	8/10/2001 12:47:58 PM
From: Clement	Read Replies (2) \| Respond to of 161

Arthur: The deal as detailed in TheDeal magazine will not be for assets and the assumption of debt. The stockholders will get nothing. It would appear that based on the auction prices, the Senior debt holders are not going to even get everything which means that there is zero chance that shareholders would get a penny. I'm not sure why the market makers would want to recover their shorts. This stock will expire worthless (a) after the reorg or (b) after the reorg and the purchase by another company. Sorry to be the bearer of bad news, Clement