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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (3457)	6/22/2003 8:07:02 AM
From: arnold silver	Read Replies (2) \| Respond to of 37387

Cuda, This statement bothers me, "Rowe did say the proposal for Pillowtex is structured in a way that secured creditors would get paid, and unsecured creditors also would receive some benefits." Good gamble if the company is debt free. Crossy, Is it time to get back into ATS? Could get a bounce when the new satellite is launched. Your thoughts. Arnie

To: Crossy who wrote (3457)	6/22/2003 8:53:42 AM
From: Patentlawmeister	Read Replies (1) \| Respond to of 37387

Crossy/Arnold: The last filing was for the period ending 12/31/02; the total indebdetness was around $200M at that time and net tangible assets was around $100M. Since they lost $27M in the prior 7 months i doubt it would be much higher than $27M for the last 6 months (12/31 till now). The Reuters press release this past Thursday night also said the debt was around $200M. It's possible that when he talks about the unsecured creditors receiving some benefit he means the common stockholders who were previously the unsecured creditors. IN any event, if they do owe, say, $300M now, an offer of $350-400m would translate to $2.50 - 4.00 per share (with 19M shares out) .... and if it's only $200M, it comes out to $7.50 to 10.00 per share. With this in mind i'll probably add to my position on Monday if the price stays under 40 cents.