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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (12307)	2/22/1999 2:30:00 PM
From: Israel	Read Replies (1) \| Respond to of 25711

Joe.. your opinion please.. on BEANQ, company is currently operating under US bankruptcy court protection since last August... This release came out on Friday.. Friday February 19 1:06 PM ET Brothers Gourmet Coffees Says Takeover Brewing By Michael Connor MIAMI (Reuters) - Heavily indebted Brothers Gourmet Coffees Inc. (OTC BB:BEANQ - news), America's top supplier of roasted gourmet coffee to supermarkets, has been evaluating several takeover bids, the company's chairman said Friday. Chairman and chief executive Donald Breen said the bids solicited under a bankruptcy court plan involved cash and other considerations. Some were for the full company, while others were bids for parts of Brothers Gourmet, he said. ''They were not exactly apples to apples,'' Breen said of the offers during an interview. ''We will be going back and asking for more information.'' Breen declined to discuss financial details of the offers, other than to say a floor bid of just under $24 million had been set for the full company. Breen also declined to identify the bidders and would not comment on rumors among U.S. coffee sources that one offer for the full company had come from Canada's Mother Parker's Coffee & Tea. Mother Parker's was said to keenly interested in buying Brothers Gourmet's Houston roasting operations. No timetable for a sale had been fixed, Breen said. Changes in the bids made by last Wednesday's deadline were possible as were new bids, he said. ''I would have a fiduciary duty to look at any new offers,'' Breen said. Brothers Gourmet, of Boca Raton, Fla., has been operating under U.S. bankruptcy court protection since last August. It was seeking buyers for a bean-roasting facility in Houston and supply contracts with leading U.S. supermarkets. Brothers Gourmet's top debtors include leading investment bank Goldman Sachs, he said. Brothers Gourmet sells nearly 100 types of coffee across the United States under such names as Hillside Coffee and Brothers and posted sales of $70.1 million in 1997, down from $72.6 million in 1996 and $95 million in 1995. It also operates warehouses in New Hampshire, Colorado, Georgia and Florida. The company filed for bankruptcy court protection after a falloff in sales in 1997 partly blamed on a jump in bean prices and an unsuccessful foray into coffee retailing. It sold its Gloria Jean's gourmet coffee outlets in 1995, just two years after buying more than 200 Gloria Jean shops. Brother Gourmet's shares were delisted last year from the Nasdaq. Happy trading, Israel