Re: [RT] Worldcom Prefferred

["Don Ewers" <dbewers@xxxxxxxxxxxxx>]

Thanks Ira,
I think the "void" right now is whether there will 
be a liquidation or not?  I am hearing not due the importance of their 
internet backbone.  The common shareholders are screwed I agree, but I am 
not sure if that also applies to an "cummative" preferred?  I would 
normally think they are looking at zero also, but if so why are the shares 
trading a $7.00 today (vesus normal $25.00)?
don ewers
<BLOCKQUOTE 
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  ----- Original Message ----- 
  <DIV 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From: 
  ira 

  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Tuesday, November 19, 2002 5:05 
  PM
  Subject: Re: [RT] Worldcom 
  Prefferred
  to the best of my knowledge the only assets to hold in a 
  company going bankrupt are bonds that are collateralized by hard assets. 
   Preferably real estate.  Equipment is usually a 10 cents on the 
  dollar thing.  If  they can't come up with a scheme to come out of 
  bankruptcy then the scavengers go to work on the bits and pieces of value 
  and  stockholders don't get anything.  Take a look at Global 
  Crossings as a example. Or go all the way back to Penn Central. Don 
  Ewers wrote:
  05b001c2901a$a517e030$0c26343f@xxxxxxxx type="cite">
    
    

    I forwarded a page from the "pink sheets" that 
    indicates the preferred is trading at 5.75 (annual high was 25).  Has 
    anyone on the list had any experience with a preferred of a bankrupt 
    company?  Is this headed for zero or is there any hope to recover the 
    77% loss suffered?  Any help or insight would be appreciated so i can 
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