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

To: Big Dog who wrote (3973)	10/10/1998 9:23:00 PM
From: Mad2	Read Replies (2) \| Respond to of 18998

Darrell, data you posted is old. While the Mycogen and future high value seed story sounds good, financially ABTX is a sick puppy. They are consuming cash quickly and their business is deteriorating. Some facts as of 9/28/98: Short term debt - 84 mil -, up from 50 3 mo's ago Long term debt - 15 mil addl Deutch bank bridge - 14 mil Of the 84 mil of their 100 mil short term line from Bank of America they paying 18% on 15mil of it because of violation of loan covenant. Gross Margin is deteriorating They don't cite amount of business done in forigen countries (total of 51) hawever South America is mentioned as important. Additionally US farm and cattle producers have been in the toilet. Cash burn won't let up as they have 1000 employees and are entering their low sales period (seasonal). On the stock side they have around 6-7 million of warrents and options not including issued stock and 7 million dollars of conv perf (not sure how it converts) that was issued a few years ago. ABTX needs help. They better hope that Merrill can put togeather a good deal, unfortunatly now is not a good time. If ABTX doesn't get a good deal, well I'm sure you get the picture. Pink called it accuratly when he called ABTX a seed distributer (and processer). The only technology they have is the promise (good long term) of their development with Mycogen.