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

To: Ploni who wrote (1601)	11/14/1997 11:53:00 AM
From: Rational	Respond to of 2544

I am as nervous today as I first became early October when the price suddenly drifted below $10. The pertinent question is whether the stock is worth $2 per share now? It is difficult to answer this, given the market's current exuberance. I am not buying, though, because of a lot of hard questions that have not been answered. Even those that were answered made me nervous. An important question posed but CTYS refused to answer is: if all the loans are sold right now, how much of the residual would be available to equityholders. CTYS insiders know an answer to this question and (as usual) they are shy of answering hard questions. They were happy to tell that the book value of equity is $4.7. This is as meaningless to me as the ~$7 they had as of June 30. Please note that this is strictly my opinion that is not meant for investment advice! Further, my comments are not intended to hurt the sentiments of those who are long or are willing to buy now. Sankar PS: The book value per share should also reflect the fact that almost all Series B and some of Series A convertible holders have not converted. My worry is: why have these fairly well informed convertible holders not converted at 1 5/16?