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Prospect Capital Corporation Message Board

  • doddleon doddleon Oct 2, 2007 1:48 PM Flag

    Selloff

    Just finished listening to the conference call replay. One of the analysts has placed a sell on PSEC. I think based on the comments regarding the coal ventures and the just disclosed problems/issues with ESA and their bankruptcy filing. Anyone have any data on the report that was issued as sell?

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    • Just in from Schwab. I'm a little confused. (not unusual)


      Reuters Research Mean Recommendation Changed for Prospect Capital Corp (PSEC:)
      Summary
      In the last 24 hours, the Reuters Research Mean Recommendation changed 22.22% from 1.80 to 2.20.
      The Latest PSEC Earnings Report:

    • This is interesting. C Schwab indicates that Ferris Baker Watts moved ther recommendation to sell yet the Yahoo news report from Briefing.com says they moved it to neutral. Which one is it?

    • 02-Oct-07
      13:20 PSEC Prospect Energy downgraded earlier to Sell from Neutral at Ferris Baker (16.07 -1.10) -Update-

      Earlier, Ferris Baker downgraded PSEC to Neutral from Sell following a more detailed review of PSEC's 10-K filing and recent earnings conference call. Firm notes that in April, the co made a $13.8 mln investment in E.S.A. Environmental Specialists. Then, in Aug, PSEC foreclosed on the assets secured by the loan made to E.S.A., forcing this portfolio co into voluntary bankruptcy. The investment in E.S.A. has been written down to $5.0 mln, or 36.3% of its original cost. PSEC is currently trading within 7% of firm's estimate of this stock's intrinsic value and they think recent developments in the co's portfolio are discouraging.

      Copyright � 2007 Briefing.com. All rights reserved.

      • 1 Reply to gonebullistic
      • Gone, thanks for the information. I listened to the call as well and think the analyst overreacted with his sell call. Howver, it looks like the ESA/THS writedown will be somewhere in the range of .50 cents of NAV. However, the CEO stated that their control interest in THS will earn about 1.5 Million annually and withovnership and control there will be opportunity to pay back debt and work out the issues. I guess the real question is weather they have the horses available in management to work out the problems in this unique business i.e. "Description:
        Privately-held construction, service and staffing company.


        Transaction:
        $12.2 million of Senior Secured Debt plus Warrants



        Founded in 1995, ESA is a construction, engineering, and environmental services firm headquartered in Charlotte, with additional offices in Florida, Pennsylvania, Virginia, and Texas. ESA focuses its primary service offerings to on all agencies and departments of the Navy, Air Force, Army, Marines, Veterans Administration, Drug Enforcement Agency, Department of Labor, Park Service, and Department of Justice. ESA maintains designations and certifications secured under Small Business Administration programs that include recognition of ESA as an 8(a) firm, a Service Connected Disabled Veteran Owned business, a HUBZone business, a Native American Owned and Small Disadvantaged business, and a Veteran Owned business. As part of Prospect's funding, ESA has acquired The Healing Staff ("THS"), a contractor focused on providing outsourced medical staffing solutions to federal government agencies."
        Bought another 500 shares at %.50 so we shall see.

        Dodd

 
PSEC
9.60-0.060(-0.62%)Nov 21 4:00 PMEST

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