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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (819)	6/28/2002 10:35:28 AM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

made bet with my firm's CEO: I say Xerox bankrupt by Nov02 it was Nov15th in 2001 and my firm's founding CEO was talking about Enron and corruption I said there would be a parade of bankruptcies that come about from excess debt and corruption but the debt liquidation process was only starting to gather steam outside telecom and that many household names would go the way of the dodo he asked what companies would go under, in my opinion? I said Xerox and Ford looked bad, but Xerox looked ripe he asked why? I said because Xerox debt was 5-6 times larger than its mktcap and its debt service is consuming something like 40% of its pretax earnings he said they have good products and are making the transition to digital imaging I said great, but with the debt burden and recession, so what? we bet $5 that Xerox would (not) go bankrupt by Nov15th 2002 in April, Moody's downgraded Xerox debt to junk I reminded him of this news, and he nodded the bet is on still now Xerox has been discovered to have stated revenues and earnings fraudulently here we go the parade continues we discussed Ford briefly and he thinks they will pare down to prevent any bankruptcy I said they have too much pride and arrogance to do so / jim