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Southern Company Message Board

  • investor_dct investor_dct Dec 3, 2005 2:13 PM Flag

    I think the banks won!

    The common holders get 3.75% of the new stock for a previously reported 50% equity. Mirant had reported $20 billion in book value and about $10 billion in debt. I think the missing equity will magically reappear over the next few years very quietly... Just like Kmart.

    The bankers and hedge funds have gotton ahold of Calpine, They are gonna do the same thing.

    A billion profit here and a billion profit there, pretty soon it adds up to real money.

    Of course, the shareholders get basically zippo. Gotta love it.

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