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Chiquita Brands International Inc. Message Board

  • seuqitna2000 seuqitna2000 Jan 28, 2002 8:25 AM Flag

    will cqb be delisted?

    i don't know if this question has already been dealt with, but would really appreciate somebody giving a brief answer; just a yea or nay will suffice. thanks!

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    • There are some big mysteries in the reorg package.

      How much debt was owned indirectly by Lindners through AFG? How much of the debt which is not being exchanged for stock is controlled by Lindners? How much of the new stock will Lindners end up controlling? How was the new board selected, and who decided the composition?

      On the financial side, how are the liabilities of a lot of subsidiaries reflected in the CQB balance sheet, and what are the obligations of the new CQB to back subsidiary obligations? Are any of the subsidiaries creditors, and how will they be dealt with in the the reorg?

      I'm still taking money to Las Vegas. I still think a dollar in a slot machine is a better investment, and a lot more fun than a chance to exercise some potentially worthless warrants in seven years.

    • I do believe that Unkel Karl is a major bondholder as well, through his banking and insurance subsidiaries. Believe me, he wouldn't have done a deal in which he either had to relinquish control or lose financially. I also think that the "bondholders" will dump this banana as soon as possible, and are probably arranging behind closed door deals with the Lindners at this moment. That's my conspiracy theory.

    • I'll ask again, does Lindner own any of the bonds? Is there a source that shows who the bondholders are?

    • Disagree that same management will stay in place. Lindner will own less than 3% of Company (that includes the 800,000 shares he gets as a freebe). Management made sure their parachutes are in place (Warshaw gets $4 million to say "bye bye"). Won't the bondholders, soon to be shareholders, force a change?

    • Very unlikely with Chap 11 reorganization

    • Not likely. Reorg to be complet in 45 days and Chiquita a well-known name. Profitability, while not assured, is highly likely.If you compare some of the dogs that have taken bankruptcy and retained their listing to CQB, CQB is much the better company. Even if NYSE delists, the AMEX would take them in a heartbeat.

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