It has come to our attention that the site’s e-mail system has not been working. It seems as though this has been a problem for more than a week (maybe two).
If you’ve tried to e-mail me over the past few weeks and did not get a response, I apologize – I didn’t get the e-mail.
All I can ask is that you try again. It is working now.
Thanks for your understanding.
Joe
Filed under: Miscellaneous
It is low because some of the banks involved with CCU (maybe just wachovia, I haven’t looked at BCE yet) are trying to go back on their commitments (CCU and the private equity trying to buy them are suing the banks right now). BCE Is so low because of this and the general credit market worries going on; same reason CCU was trading low before the bad news about the banks trying to kill the deal came through.
I have no opinion on the BCE workout itself though; I haven’t researched it yet.
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Correct,
For one the BCE deal is a horrible one for the purchaser(teachers union among others) and as the above poster suggests the same banks that are trying to back out of CCU may try the same with BCE.
Living in Canada, I know how bad BCE is and how they just want to load it up with debt and squeeze it for cash. The only good news is that the teachers union is dumb enough to choke this crap down.
Given the risks, I would move on.
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POTENTIAL WORKOUT
Joe and fellow bloggers,
Does anybody have any reason why BCE is not a good workout play? Currently trading at $34.50 and apparently there is an offer of $42.75 on the table (potential gain of 24% over 3 months). Deal expected to close end of second quarter.
Glenn
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