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

To: Mr. Pink who wrote (6978)	3/1/1999 12:05:00 PM
From: RockyBalboa	Respond to of 18998

Good call, Mr Pink. Very timely! UC filed chapter 11 per today. biz.yahoo.com United Cos. Financial and Certain Subsidiaries File Chapter 11 UNITED COS. FINANCIAL CORP. Company and Certain Subsidiaries File Chapter 11 Reorganization; Enters Financing Agreement; Names Chief Executive Officer Mar. 1, 1999, United Companies Financial Corp. (NYSE:UC - news) announced that it and certain of its subsidiaries will commence reorganization cases under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. UC said it intends to maintain its business and operations while it pursues the reorganization. UC also stated that it has received commitments from Greenwich Capital Financial Products Inc. and CIT Group/Business Credit Inc. to provide an aggregate of $500 million of debtor-in-possession financing and loan purchase facility, subject to Bankruptcy Court approval. Greenwich Capital and CIT Group will provide working capital to UC and Greenwich Capital will purchase, on a whole loan basis, UC's home-equity loan originations. ... They indeed have beaten 1.+ C.