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

To: Bruce A. Thompson who wrote (1611)	11/14/1997 12:58:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 2544

Bruce, it depends how deep a discount they will have to sell these for. The book value includes past "earning" which in this business are calculated on the difference over the life of the loan between CTYS cost of money and what they charge the borrower, if this spread needs to be narrowed in order to raise cash, all of it will come off the book value. By the way, in my calculations I have not taken a good chunk of "tax" benefits they booked as reduction of the losses, but that is nother story. Zeev