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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Larry Abrams who wrote (2596)9/4/1998 3:19:00 AM
From: Bill Wexler  Respond to of 18998
 
It looks like the subprime lenders are blowing up across the board.

Another little dose of reality for the market. No matter how you package it, a Ponzi scheme is still a Ponzi scheme. Hopefully this means I'll be seeing a lot less of these has-been jocks touting 125% mortgages on TV. Note that FirstPlus is following the same trajectory as SFC. About a month ago, SFC was trying to shop itself.



To: Larry Abrams who wrote (2596)9/4/1998 7:18:00 AM
From: Mr. Pink  Respond to of 18998
 
Yes indeed, Mr. Pink has a very substantial short position in SFC. It is indeed a Triple Turd with Flies. and a house of cards is a good analogy. It is like a later stage FP--a crappy specialty finance co with bogus earnings. Short it for it shall trade to zero.

As for those other names, Mr. Pink will look at them today.

Mr.Pink


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