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To: Q. who wrote (881)	2/26/1998 3:20:00 PM
From: taxikid	Read Replies (2) \| Respond to of 2506

70k is not liquid IMO. 70kx 5 is $350,000 worth of stock tareded daily.. any number of pump and dump firms can start throwing money into the stock and push it around. risk versus reward is too high... at least for my taste.. and there is little institutional holding of small caps, because they influence the price too much... if someone was to buy a 50k of 100k block a day, every day for a week, this stock could double. taxi

To: Q. who wrote (881)	2/27/1998 3:19:00 AM
From: Q.	Read Replies (1) \| Respond to of 2506

USAD looks like it dodged another bullet, but its COO quit. The stock has been going up lately, on news that their cashflow is improving. But the president quitting is pretty interesting. I wonder if it is time for another look. NORTH BRUNSWICK, N.J., Feb 26 (Reuters) - USA Detergents Inc said Thursday PNC Bank agreed to extend the company's debt repayment terms and waive existing defaults under its finance agreement. Separately, the company said President and Chief Operating Officer Giulio Perillo has resigned for personal reasons. It said Chairman and Chief Executive Officer Uri Evan will assume the additional position of president on an interim basis. Under an amended agreement with PNC Bank, USA Detergents said, it made a principal payment of $5 million and granted PNC a security interest in additional collateral. In return for the partial payment, increased interst and warrants to buy USA Detergents common, the $35 million balance of the principal owed has been extended to January 4, 1999, the company said. Evan said the extension "allows the company the appropriate time, without significant time pressures, to complete its planned refinancing of the indebtedness." USA detergents said the remaining PNC debt bears interest at rates which may range from prime plus 0.25 to prime plus 2 percentage points. Previoulsy, a spokesman said, the interest rate on the financing was one point below prime. Of the $5 million paid to PNC, $4 million was loaned to the company by an entity owned by certain USA Detergent's shareholders at a rate of 9.5 percent per annum, it said. Repayment of this loan is due in August 1999. These shareholders also personally guaranteed the repayment of up to an additional $5 million of the debt owed to PNC. In connection with the transaction, PNC received warrants to purchase between 140,000 and 700,000 common shares, USA Detergents said. The number of shares depends on the repayment date of the remaining debt, the company explained, noting it will be 140,000 if paid in full by September 30, 1998. USA Detergents now has nearly 13.8 million shares outstanding. In conjunction with the issuance of these warrants, the company will recognize, in 1998, a charge anticipated to be about $500,000, it said. The undisclosed shareholders who funded $4 million and guaranteed the repayment of an additional $5 million may also receive warrants or other consideration in connection with the transaction. 212-859-1717 or nyc.equities.newsroom@reuter.com))