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

To: Sir Auric Goldfinger who wrote (5237)	12/21/1998 4:12:00 PM
From: Mr. Pink	Read Replies (2) \| Respond to of 18998

How do you know, or are you speculating? mp

To: Sir Auric Goldfinger who wrote (5237)	12/21/1998 10:36:00 PM
From: Mr. Pink	Read Replies (1) \| Respond to of 18998

You were right...It was in National Mortgage News....This company is dead meat. MP

To: Sir Auric Goldfinger who wrote (5237)	12/28/1998 7:12:00 PM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 18998

FirstPlus Says Loan-Servicing Business Sale Is Off Dallas, Dec. 28 (Bloomberg) -- FirstPlus Financial Group Inc. said its October agreement to sell its loan-servicing business to Coast-to-Coast Financial Corp. was called off after FirstPlus got a new credit line from a bank. FirstPlus, a Dallas-based home-equity lender, received a one- year credit facility for up to $35 million from Beal Bank SSB, a privately-held Dallas-based bank. FirstPlus used $15.3 million to pay off a bridge loan it received from Coast-to-Coast. FirstPlus said it and Coast-to-Coast terminated their Oct. 14 agreement under which FirstPlus was to sell its $6 billion loan-servicing business to Coast-to Coast's Superior Bank FSB for $75 million. ''FirstPlus needs cash,'' said Gary Gordon, an analyst at PaineWebber Inc. ''This line of credit is helpful, but it's not enough.'' He cut his rating on FirstPlus to ''unattractive'' from ''buy.'' FirstPlus officials declined to comment. The company, like other home-equity lenders that finance much of their business by packaging loans into securities for sale to investors, was hurt when slowing global economies squelched investor demand for risky asset-backed bonds this year. The company failed to find a buyer when it put itself up for sale in August. Earlier this month, five independent directors resigned from the FirstPlus board. FirstPlus shares fell 1/8 to 2 3/8. They've declined 93 percent this year.