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Gold/Mining/Energy : Enron - Natural Gas Industry -- Ignore unavailable to you. Want to Upgrade?

To: molemania who wrote (1080)	12/4/2001 1:27:15 AM
From: RockyBalboa	Respond to of 1433

I remember only one, it was Stone & Webster and it is still in the midst of its Ch 11 proceedings. But then, S&W had a book value of $21/shr, mostly hard assets and was profitable all the times. After certain assets have been acquired in return for debt, it trades around $1. All others, even those who were reanimated and trade again now (Zale, Stage Stores, Loehmans, Bradlees for a short time) etc had the old common shareholders wiped out. The new shares went to noteholders in return for a significant reduction of the debt. As long as the recovery rates for secured bondholders are sub-20% on average there's a long way to go until the first cent is returned to the common shareholder.