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

To: Patentlawmeister who wrote (107)	2/7/2003 12:34:31 AM
From: Crossy	Respond to of 121

Cuda, no problem for me. This data should be in the "detinitive proxy" DEF14A statement on the EDGAR website anyway, maybe not in such a nicely summarized fashion. Thx for bringing it up here. 60% insiders is a great core holding, lending stability. FAGAN's stake seems to have gone up to 12%. Lehman's at 32%, LoneStar at 7.5% and Directors's stake at 4% are also up. Now I understand why those "anti-takeover rights" trigger at 15% holding - Fagan just owns 12% - this might explain the exact design of the anti-takeover provision <g> Now all I'm waiting for is a move to a MAJOR EXCHANGE.. rgrds CROSSY

To: Patentlawmeister who wrote (107)	2/13/2003 6:26:38 AM
From: Crossy	Respond to of 121

Imperial Sugar IPSU.OB - SEC EDGAR NEWS out We have a new insider. Metlife today filed an 13G statement indicating a 500k holding (>5%) in Imperial Sugar. This further solidifies the institutional group of core holders with Imperial Sugar. This week, the 10Q should be released, too.. Expect nice book value figures.. best rgrds CROSSY sec.gov sec.gov

To: Patentlawmeister who wrote (107)	2/14/2003 5:54:21 PM
From: Crossy	Read Replies (1) \| Respond to of 121

Imperial Sugar (IPSU) - 10Q out today Great news - can only encourage you to read the fine print sec.gov quite significant and valuable info. Major achievements reached.. 1) If you take out all the non-recurring extra items, Imperial recorded positive operating earnings from ordinary operations of $465k or $0.04 (includes D/A but not interest payments) 2) refinancing decreased total debt levels significantly - down to $38m in interest bearing debt. The refinancing was at Libor + 250-300bp. at the same time the firm entered into a swap notional of $25m (seems to be WAC over the lifetime of term loan) for LIBOR vs. 2.5% fix. Total financing costs thus between 5% and 5.5%. In the past IPSU had interest payment costs around 9-10%. Total Interest payment on term loadn, with undrawn revolver (as now) thus around $2m per YEAR ! which would be 1/10 of IPSU's former interest exposure of around $20m 3) Figuring in the new interest rate and debt exposure, Imperial is now at breakeven with its remaining operations after they sold off DCB to Hormel. Risk was reduced considerably. Survival and optimization of the company should yield nice benefits. Going forward SG&A costs should be reduced again as the impact of professional fees for restructuring, refinancing and asset sale & retention initiatives should no longer burden the company. 4) Book value now around $16 per share. Market price around $6. what a discrepancy. Funny - not even a company PR.. best rgrds CROSSY