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To: Tiburon who wrote (1466)	10/13/1998 12:14:00 PM
From: sks1	Read Replies (1) \| Respond to of 1567

Look at PCSH This is the "new" Payless Cashways that came out of a pre-packaged Chp 11 bankruptcy last fall (1997). The old bond holders and secured debt holders own almost all of the "new" PCSH. Old common holders got 1 share of the new for every 100 of the old they held. Sub-debt holders got about 26 new shares per old bond they held. Secured debt holders control the new company. Entire market cap for "new" company less than $20mm for a company with $1.5 billion in sales. This message is not to promote PCSH but to give a legit example of what happens to old equity in bankruptcy filings.

To: Tiburon who wrote (1466)	10/30/1998 1:18:00 PM
From: sks1	Read Replies (2) \| Respond to of 1567

While I completely agree with your assessment of Chp 11 procedures and the ultimate outcome of this chicken mess, you have to scratch your head and wonder why this stock has doubled this past month! Are there that many "stupid" buyers out there or are we missing something here? Anyone home with thoughts on the rumors out there? sks1 Or are these professional shorters covering now because they need to book the profit this quarter?