Forum Archive Index - February 2000

[Chris Darby <darby@ak.planet.gen.nz>]

David,

Yes the restructuring is before us but not immediate.  The market has 
become intolerant of the Fletcher letter stocks and their respective 
management.  All four offer great trading/investing opportunities in the 
period from now until decision day on real seperation from each other.  
FFS @ 60c appears good buying (I bought again today @ 61c) atthough FFS 
is the one that is wearing the debt that is souring the others. FLP has 
been trading at even more opportunistic levels in the last 6 weeks.  Many 
a broker has put between $2 and $2.80 value on FLP but I don't anticipate 
this until d-day.  Likewise with FEG and FLB where the trading range has 
been 5-25% over the last few weeks.  This ranging, rather than 
volatility, will continue until an announcement.  This was signalled for 
the 2nd quarter but could be before by the sound of things.

Once the issue of debt restructuring is addressed and some new 
substantial security holders arrive on the registers of each letter 
stock, I see a very big upside in all four and especially FEG and FLP.



Regards,

Chris

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