Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Wayne Rumball who wrote (108423)	8/21/2002 10:24:45 AM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

LOL not that I know of, but my silly account shows it worth $100/share....tomorrow it may say $0, but it looks good today.

To: Wayne Rumball who wrote (108423)	8/21/2002 10:30:45 AM
From: LANCE B	Respond to of 150070

wayne...awesome find... level 2 sure looks like it is going much higher

To: Wayne Rumball who wrote (108423)	8/21/2002 11:48:16 AM
From: M0NEYMADE	Respond to of 150070

UPDATE 1-Cendant to buy bankrupt Budget car rental-source 20 Aug 2002, 3:29pm ET - - - - - (Adds details, analyst comment and byline) By Jeffrey Goldfarb NEW YORK, Aug 20 (Reuters) - Cendant Corp. (NYSE:CD) has reached a deal with the creditors of Budget Group Inc. (BB:BDGPA) to buy the bankrupt car rental agency for $107.5 million in cash and will take on $3 billion of Budget's vehicle debt, a person familiar with the situation said on Tuesday. The deal gives Cendant, the travel and real estate giant, a stronger presence with leisure car renters to accompany its Avis Rent A Car unit, which caters more to business travelers. A Budget spokeswoman declined to comment and Cendant could not immediately be reached. By adding Budget to Avis, Cendant is creating the second largest U.S. rental-car company behind Enterprise Rent-a-Car Co., moving ahead of Hertz Corp. Cendant also will close the gap on worldwide leader Hertz. "It's a good deal for Cendant," said Neil Abrams, a consultant to the car-rental industry. "It fits neatly into their business model, leveraging their car-rental market penetration into areas they aren't strong in, such as local or non-airport markets and the leisure business." Because Budget, based in Daytona Beach, Florida, is in bankruptcy court, it must open itself to other bidders, but the company has shopped itself for a long time without much interest, according to people familiar with the situation. There had been some interest from private equity investors, these people said, but they couldn't match the strategic bid by Cendant, which is in position to find ample cost savings. Cendant is leaving behind Budget's struggling European operations, but will take on Budget's ailing truck rental unit as part of the deal, the person said. However, Cendant plans to shut down the truck business over time, this person added. The two sides have been in talks for months and had hoped to strike a deal before Budget, which has about 6,500 rental locations worldwide, filed for bankruptcy protection last month. Budget listed $4.05 billion of assets and $4.33 billion of liabilities in its Chapter 11 filing in the U.S. Bankruptcy Court in Delaware. At the time of the filing, Budget announced it had secured $750 million of loans to pay for new cars and another $100 million of funding to keep the company operating as it reorganized. (additional reporting by Julie MacIntosh) Copyright 2002, Reuters News Service