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Microcap & Penny Stocks : Payless Cashways- In Chapter 11 (PYLSQ-OTCBB) -- Ignore unavailable to you. Want to Upgrade?

To: NHP who wrote (18)	11/19/1997 12:26:00 PM
From: Wade Spencer Graves	Respond to of 41

21 cents is insane run for the hills! maybe not if you believe the Company is sound. Beats me but it sure is fun to watch. Bustling Trading in Payless Cashways Stock Puzzles Market Oct. 29 (The Kansas City Star/KRTBN)--Trading in Payless Cashways Inc.'s stock continues to be active, with almost 2.3 million shares changing hands Tuesday. Payless stock was 40 percent more active than Sprint Corp. shares. Payless' stock closed at 21 cents a share, up 5 and one-half cents. For the week, the bustling trading has puzzled market and bankruptcy watchers. Peter Chapman, publisher of Payless Bankruptcy News, doesn't know why the shares are so active. Neither does local investment adviser Jerry Duggan. "Sometimes you'll see a lot of trading activity in a stock that's in Chapter 11 before the distribution outcome is known, but that's not the case here," Duggan said recently. "It's baffling." According to Payless' proposed distribution to existing shareholders, holders of current Payless stock will receive one share of new stock for every 100 shares they now own. That information coupled with calculations that values the new stock to be worth $9.20 a share on paper, assuming Payless successfully emerges from Chapter 11 reorganization, means the stock should be trading in the 9 cents-a-share range. However, when and if the new stock starts trading, it could trade above or below that target price.

To: NHP who wrote (18)	11/20/1997 1:48:00 AM
From: NHP	Read Replies (1) \| Respond to of 41

There are now 20 articles by JENNIFER MANN FULLER, Staff Writer for the Kansas City Star, concerning Payless Cashways. The latest is dated 11/18/97. kcstar.com Place "payless cashways" (WITH the quotes) in the top search box and highlight Library '97. Then click on SEARCH. Has anyone on this thread studied the PAYLESS balance sheet? What is the (Book value)/(Current Price) ratio? Just a few months ago Hechinger, another company in the home building supply business, had a book value of $7 to $8 per share and was being traded at $1/share; ie. the book value of the stock was 7 to 8 times the price of the the stock. Because losses were accelerating and the future did not look too promising, the stockholders voted to sell Hechinger to an investment company for 2 3/8. Nice profit for anyone who got in at $1/share! Could Payless be in a similar situation? NHP