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To: Eagle who wrote (8787)	7/22/2002 11:49:50 AM
From: Bucky Katt	Respond to of 48461

I once was long PNRA, sold it in May, (pre-split) and last week got a few UPATE (25 Aug puts) and the little suckers are up 220%.. Message 17433608 Man-O-man look at UAL....I don't think they are going to make in their current form...

To: Eagle who wrote (8787)	7/22/2002 11:58:21 AM
From: Bucky Katt	Respond to of 48461

I doubt they will shaft, from the bottom-up, their investors like Worldcon has, dry, I might add.... Speaking of getting the shaft, banks are starting to look not so good> WorldCom Heaps Misery on Suffering Banks Mon Jul 22, 9:47 AM ET By Thomas Atkins, European Banking Correspondent FRANKFURT (Reuters) - WorldCom's bankruptcy filing heaped misery on the ailing European bank sector on Monday, adding to the suffering banks have endured due to accounting blowups and equity market losses. It also sharpened fears that the banking sector could be approaching a crisis that would force some into mergers or prompt urgent calls on shareholders for more cash, analysts said. "Further falls in equity valuations could bring us to a point where we start to contemplate the risk of an equities initiated crisis of confidence against the sector," wrote investment bank Bear Stearns in a recent note. WorldCom filed the largest U.S. bankruptcy ever on Sunday after the long distance telephone and data services company buckled under an accounting scandal and overwhelming debt. The trouble at WorldCom, which listed $107 billion in assets and $41 billion in debt, followed that suffered by high profile companies like Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid accounting investigations. GLOBAL FALLOUT WorldCom's fallout for the banking sector has been global, with U.S. banks like J.P. Morgan topping the list of creditors with $17.2 billion in exposure, including assets held by the bank for its clients, according to the bankruptcy filing. Shares in Europe's biggest listed WorldCom creditor Deutsche Bank dropped around five percent to its lowest level in eight months on fears the bank may lose part of $1 billion in WorldCom exposure. Deutsche declined comment. Shares in Dutch bank ABN AMRO -- whose total exposure to WorldCom is put at $753.1 million -- were worse hit, falling some seven to their lowest in almost four years. An ABN AMRO spokesman said the bank would face 100 million euros in WorldCom related losses in a worst-case scenario, and that the rest of its exposure had either been hedged or was held by the bank on behalf of clients. In Japan, Mitsubishi Tokyo Financial Group (MTFG), Japan's third-largest banking group, said it may not recover 17.058 billion yen ($147 million) in WorldCom loans. NEW CONCERNS Analyst now say risks to banks' financial health posed by equity losses and WorldCom style corporate blowups have eclipsed many of investors' other concerns and now dominate the debate about banks' strategic direction. Investors used to believe that only the biggest "bulge bracket" investment banks would survive an industry shakeout. Now, banks who have shown themselves better protected from equity market losses are proving their worth. "The state of the balance sheet is much more pressing at this stage than the whole issue surrounding critical mass and economies of scale," said Richard Thomas at ABN AMRO. "In the investment banking world we are at a sort of crossroads where the big players are going to have to think long and hard about where they want to go and what they want to do because the models are not sustainable," he said. Some banks may be forced to ask shareholders for more capital, or in extreme cases merge, if their equity bases sustain enough damage, Thomas said.