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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: SI Bob who wrote (2535)	8/8/2007 2:25:38 AM
From: RockyBalboa	Read Replies (3) \| Respond to of 6370

Yes HMB has been delisted from nyse that day per the nasdaqtrader entry. With regards to the book value HMB is not different to other distressed mortgage co's. When they talk liquidity, assets get sold off regadless whether good or bad. Here, book values became meaningless. Same as AHM or then, LUM: A book value of $10 and earnings in the last quarter did not prevent LUM from becoming illiquid in less than a week. With a leverage of nearly 20, a small drop in the inferred values of the assets erases that sliver of book equity in an eyeblink. Of course those low prices have created a playfield for short term speculators. I would not be surprised to see stock prices swing by several 100% whenever a hope of positive terminal value pops up.