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Technology Stocks : GX Investors Thread -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (400)10/10/2001 6:27:59 PM
From: Sweet Ol  Read Replies (1) | Respond to of 586
 
<It was reported on another board that John Dessauer observed that at .18 on the dollar GX has more than enough cash to buy in all of its outstanding debt.>

This would be a way for Winnick to screw the bond holders. That seems only fair since he has screwed the shareholders. It looks like this thing is ripe for someone to buy it all at today's prices (or not too much more), buy the bonds and own the whole works free & clear. I bet Carl Icahn is already thinking about it.

The question for us is; "How does the little guy make out on this deal?"

Best to all,

JRH



To: Maurice Winn who wrote (400)10/10/2001 7:11:33 PM
From: Bonzo  Read Replies (2) | Respond to of 586
 
Buying the debt at .18 would imply a cost of $1.26B
$7B x 18% = $1.26B

With $2.4B of cash at 9/30/01 that would leave over $1M + the net from the Asset sales - possibly another $750M.
With $1.75B of net cash and the elimination of $600M in annual interest payments GX is home free. Where did I go wrong in my calculations?


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