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Non-Tech : Imperial Sugar (IPSU) -- Ignore unavailable to you. Want to Upgrade?

To: Patentlawmeister who wrote (50)	12/30/2002 8:50:43 PM
From: Crossy	Respond to of 121

Cuda, not only this, but this is BEFORE the Hormel transaction... and that's what I really do like <g> best rgrds CROSSY

To: Patentlawmeister who wrote (50)	12/30/2002 9:42:29 PM
From: Crossy	Respond to of 121

Cuda, it's even better than this. I read the PR for the FY-2002 again and found this text "impacted by the sale of certain business units, including .... beet factory in Worland, Wyo." Do you know what this means ? This means that the 2nd sale of beet sugar plants - the one to American Crystal - Torrington, Wyoming - Sidney, Montana and a 3rd took must have taken place after closing of year-end books. And indeed, I was right.. Look up the asset purchase agreement - it'S dated Oct. 7th.. Hmmm.. sec.gov And nice clues indeeed.. "cash payment equal to Thirty Four Million Dollars ($34,000,000); plus the book value of the Operating Supplies in excess of $1,000,000; less the agreed-upon value of the Excluded Equipment; and less the value of any Sidney Byproducts sold by Seller prior to the Closing Date" This transaction should add around $35m in cash. Then the Hormel deal - for $115m - should add more than $115m in cash. Together this amounts to $150m. If my calculations are correct, we may arrive at a book value of around $13 at LEAST rgrds CROSSY

To: Patentlawmeister who wrote (50)	12/31/2002 5:59:11 PM
From: Crossy	Read Replies (1) \| Respond to of 121

Cuda, the 10K is finally here.. sec.gov I see they still got $10m in Net Operating Loss carryforwards left.. With the Proceeds from the Hormel sale and the Sidney & Torrington refineries, IPSU paid back tbeir entire Term note, their Accounts receivable facility and their revolving credit agreement. They entered into a new term note $35m and a new revolver with GE/BoA of $175m of which no amount was currently drawn from.. I still stand by my $13 per share book value estimate.. Let's see.. They now have longterm debt of $35m left but they bought back securitized A/R. Good idea to do this. Imperial gains more by harvesting its A/R themselves. After all they sell mostly to grocery, supermarkets and industrial consumers so the counterparties of their A/R shouldn't be that illiquid.. rgrds CROSSY