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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Grommit who wrote (32233)	9/30/2008 2:50:56 PM
From: Paul Senior	Respond to of 78670

ALD: Yahoo shows 179M shares outstanding. At an "extra" $320M wiped off the books, that's about $1.80/sh (ignoring tax loss benefit or consequences). Stock's now at stated bv of $15.9/sh, so couple dollar hit, doesn't seem consequential given ALD stock now about $8.20. Acknowledging of course, that in this market, book value of any financial company is in doubt. 179M shares with distribution rate at $2.60 suggests that if they had to, mgmt could slash distribution and pay the $320M. Looks like they chose though to pay partly from cash and for the rest, borrow their way out.