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

To: Robert T. Quasius who wrote (1688)	11/28/1997 10:56:00 AM
From: Brooks Jackson	Read Replies (1) \| Respond to of 2544

To all: I think it's silly to blame the lawyers for CTYS's problems. Also silly to blame the "UK problem" for the entire mess: they had serious liquidity problems, too, and failed to announce anything publicly until the stock was sunk. And the "floorless convertible" issue was a time bomb they should have warned investors about, but didn't. In short, I blame bad management for the problems. It's also clear to me they don't play straight with investors, but I don't know whether that's due to dishonesty or just a natural human reluctance to admit even to themselves what a lousy job they were doing, until it was apparent to everybody else. (Look at how much money some of CTYS's directors lost as their brokers sold them out in the 4's and 2's due to margin calls. Some "insiders" seem to have been burned almost as badly as the rest of us.) I expect the lawsuits will dig out some of that information, and I'm personally looking forward to seeing some of these CTYS managers cross-examined under oath. Let 'em sweat! They've cost me plenty. If they won't tell ME the truth, let 'em tell it to a judge! Or go to jail for perjury. I do agree the suits will complicate the job of fixing the company, if indeed it can be fixed. And I would much rather see the company back on its feet than get some pittance in a legal settlement. So I'm not one of those offereing to be a lead plaintiff. But CTYS richly deserves to be sued, so they've got only themselves to blame for the legal fix they're in.