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To: orkrious who wrote (231215)	3/26/2003 9:05:20 AM
From: reaper	Read Replies (1) \| Respond to of 436258

portfolios usually go for a modest premium to receivables. but of course that is usually. crappy portfolios can go for discounts (Providian) or not at all (Spiegel). tough to handicap this one as i obviously don't have any insight into how bad (or not bad) the portfolio is. do note that due to the size of the S portfolio there is a very limited pool of buyers, most of whom are growing just fine on their own (BankOne, MBNA, COF for example) and don't really need to go out and buy a bunch of receivables unless they can get them REALLY cheap. so this will likely limit the price that S can get. Cheers