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Fortress Investment Group LLC Message Board

  • ab497 ab497 May 13, 2008 8:40 AM Flag

    Does FIG Want PENN @$67...

    Maybe not... PENN was selling for $7 a share in 2002, the start of the housing and gaming bubble...BYD was $3, MGM was $11 in 2002... since 2002 the easy housing money has floated gaming, until now... gaming stocks were way overvalued... why would FIG want to pay a steep price for PENN when many of the gaming stocks have dropped like rocks... many down 70% or more... revenues declining 30-50%...

    FIG (the ex-Goldman boys) are after undervalued companies... IMO they blew this one by making the offer at the height of the housing and Vegas bubble... couple this with the POV of WB and DB and IMO you get a deal quite a bit below the original $67...it will be interesting from here...

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