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Non-Tech : Cityscape Financial (CTYS) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (1359)	10/24/1997 1:07:00 AM
From: Bob Jagow	Respond to of 2544

Did you see the Friday WSJ article, Zeev? interactive.wsj.com " The collapsing stock price of Cityscape Financial Corp., a once-highflying mortgage lender, has left funds controlled by Michael Price, one of Wall Street's highest-profile money managers, facing millions in losses. The Price funds earlier this year became the biggest outside shareholder in Cityscape after purchasing about a 14% stake in the company from its controversial co-founder, Jay L. Botchman. The funds, which are part of San Mateo, Calif.-based Franklin Resources, acquired about 4.1 million shares for about $80 million, or the equivalent of roughly $20 a share. Cityscape's stock, which has been plunging in recent days, closed Thursday at $2.50, down 25 cents, on the Nasdaq Stock Market. "We blew it," said Mr. Price, the chief executive officer of Franklin Mutual Advisors Inc., calling the Cityscape investment a "big mistake." Nonetheless, he said that the Cityscape investment doesn't amount to much in his portfolio. The firm has $29 billion under management and "this will have zero" consequences on the funds' performance, he said. 'Too Cheap to Sell' Mr. Price said the fund company has sold some Cityscape shares over the past year, although he didn't know exactly how much. He said one of his senior advisers, Ray Garea, would know what the current stake is, but Mr. Garea wouldn't comment. "We sold some at $27 and sold some in low teens and then we stopped," Mr. Price said. At this point, the remaining stock is "too cheap to sell," he said.