Stopping by to see what the latest news
I am surprise to see that there were so many fans
of PZN when it was going down and now I do not
recognize most of the posters. May be everybody finally
I guess there is nothing more to say on the
I am also surprised that the PL deal did not
maintain $4 - $4 1/2. this is strange.
lows may be an indication of more undisclosed bad news
to come. Again from what I see there is a strange
silence about the PL deal.
But since I am not
really following all the details anymore I could be
i added some the last couple of days @ 3 5/8 and
3 7/16. It is a little troubling that there doesn't
seem to be support. I don't believe they are going
bankrupt either but i don't understand the delay with the
I am adding to position.
Unless you all
think PZN is going bankrupt,
which I do not, the
stock is an absolute
Once PL deal is
signed, sealed and delivered,
a runup to $6 is
assured. That is why
the call options are retaining
Appreciate the info. That makes sense. 9/30 is
not a binding constraint, because if there is no deal
by then, there will be no deal anyway.
I'm an optimist, like BigmanHerb. Sit tight and a
reasonable percentage of book value will be restored.
If I recall correctly, CMM distributed its
preferred F by 9/30/99 to cover earnings for 1998.
think 9/30/00 is the deadline for PZN.
bids around this 3 1/2 level. This is also the level
where the stock was supported before the PL deal was
Common is weak but the preferred A remains steady.
but close enough. No news from the company (maybe
it's another "quiet period") but would you believe
anything they told you? Doc selling at 6 and below? This
whole crash was so unnecessary, now the vig on the LOC
is huge. If Doc had just reined in his expansion
impulse and tried to manage the business he had -- but
then "you'd have a pretty flat stock price," right?
Wonder if the BOD members are still long the stock, or
headed for the exits? Also, any word on the FBOP
It takes time to do due diligence.
stock market valuation is significantly below the
replacement value of the assets. The company could liquidate
instead of going under.
A definitive agreement
with PL should generate some excitement and push the
stock back near $5. It's not reasonable to expect
$8-$10 this year because 1) shareholders face a big cash
call in the rights offering, and 2) the stock isn't
worth that much.
If the deals were in trouble
then the preferred A would be back at its lows.
Instead it is 20% above where it traded just before the
PL deal was announced. The common is a good buy at
this level (you can generate a high yield by selling
those fat August calls) and I still like the preferred
at a 17% yield.