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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: lh56 who wrote (7809)	11/25/2001 9:07:10 AM
From: puborectalis	Read Replies (2) \| Respond to of 99280

ML Report...ICGE update...D-2-2-9............................ICG complates debt tender offer....WE ARE MAINTAINING OUR YEAREND LIQUIDITY PROJECTION OF OVER $200mm.WE BELIEVE THIS ESTIMATE WOULD LEAVE THE COMPANY WITH A LIQUIDITY POSITION STRONG ENOUGH TO FUND IT BEYOND 2002 ASSUMING $75mm IN FINANCINGS AND THE UNLIKELY CASE OF NO FURTHER ASSET SALES IN 2002...AFTER PAYING THE $38.1mm PURCHASE PRICE WE ESTIMATE ICGE CURRRENT LIQUIDITY POSITION AT @$260mm(160CASH+100in SECURITIES) AND A DEBT OF $446mm.THE TENDER OFFER WILL REDUCE THE CO'S DEBT LOAD AND INTEREST EXPENSE BY 21%.........OVERALL,WE SEE THIS AS PRUDENT STRATEGY TO POSITION THE BALANCE SHEET FOR EXTENDED TOUGH TIMES....WE ARE SOME TIME AWAY FROM HIGHLY-VALUED LIQUIDITY EVENTS WHICH COULD BE KEY CATALYSTS FOR THE STOCK..........Ed mCcABE.ml