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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: benwood who wrote (78734)	5/5/2008 2:50:02 PM
From: mishedlo	Read Replies (3) \| Respond to of 116555

Countrywide Shares Worthless? globaleconomicanalysis.blogspot.com Minyanville Professor Bennet Sedacca had this to say: Judging by the way that Countrywide(CFC) preferred stocks are acting, my opinion is that the deal gets done at a significantly lower price than $5 and that common shareholders will be lucky to get anything at all. Buried in the $2 billion investment Bank of America (BAC) made in CFC was the fact that BAC has 'last look' to buy the company. That was the main reason for that deal, me thinks. So I imagine common shareholders get little if anything, preferred holders get potentially wiped out and some subordinated debt holders could get smoked as well. The same could be said for Washington Mutual(WM).