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

To: Ploni who wrote (1553)	11/10/1997 2:29:00 PM
From: Brooks Jackson	Respond to of 2544

Looks as though Steene and Epstein were big losers -- forced to sell almost all the way down to meet margin calls. Seems clear (IMHO) that their forced sales did contriubute to the downward spiral once the bottom fell out. So, these credit geniuses didn't know enough to keep from getting over-leveraged. Does this make them candidates for a 125% LTV loan from CTYS? Here's the language in the Form 4's for both: (1) On March 20, 1997, the reporting person entered into a Credit Facility with Merrill Lynch International Bank Limited ("Merrill Lynch") pursuant to which balances outstanding under the Credit Facility are secured by a pledge of the reporting person's securities. Pursuant to the terms of the Credit Facility, Merrill Lynch sold these securities and applied the proceeds from such sale to the outstanding balance of the Credit Facility.