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Non-Tech : Boston Market (BOSTQ) -- Ignore unavailable to you. Want to Upgrade?

To: VivB who wrote (1465)	10/12/1998 6:37:00 PM
From: Tiburon	Read Replies (2) \| Respond to of 1567

SUBJ: Are You People Kidding?? It is abundantly apparent that virtually none of you understand the bankruptcy process. Put simply - don't focus on the short interest, or on how much you like the food (even though I think it's terrible - it used to be good), or on phone survery calls that you get. A few points: A) Shorts do NOT have to cover their stock. The stock is borrowable, so there's not a borrow problem at this point. Indeed, the shorts would rather wait until next year to realize the gains for tax reasons. It is the LONGS who are going to have to sell by yearend to realize their tax losses. B) McDonald's is not doing any kind of corporate venture with BOSTQ - nor is anyone else. Don't you people think that all of these avenues were explored to exhaustion before fearless leader Mike Jenkins filed bankruptcy? C) GECC is only providing debtor-in-possession financing. This is common bankruptcy financing, and is the most senior form of financing. This is NOT an indication that GECC sees any value or hope here. Rather than expound on subjects which you people clearly don't understand, may I suggest that you actually call GECC, or the people at Houlihan Lokey (the firm representing the convertible holders), or the investment bankers at Alex Brown working on the reorganization. All will explain to you how bankruptcy works, and how your common stock is gonig to be CANCELLED and the greatest likelihood is that you will receive NOTHING for it. Maybe you'll receive out-of-the-money warrants for a small piece of the equity (see Morrison Knudsen) - but I doubt it. There is a very good reason that the bonds, which are obviously senior to the common stock that you own, trade for less than 10 cents on the dollar. So I would lay strong odds that you get nothing, and best-case you'll get warrant worth something less than 1/8 of the current stock. Don't you see the absurdity in the current equity cap of over $75 million with the bonds at less than 10 cents on the dollar. So do yourselves a favor. You bulls have cost yourselves a fortune by not understanding what is going on here. You've been wrong the whole way down by relying on ridiculous stories of buyouts and short squeezes. Save your last dollar here. The stock is worthless - or very nearly so. Spend an hour calling the appropriate parties and trying to educate yourselves. I can assure you that you won't like what you find out.