VC = Venture Capitalist

Very clever professional gamblers :-)

B., some interesting points. The one that struck me as particularly interesting was the comment,

"If the residual assets of the bankrupt estate are at very depressed levels, as is the case due to the market circumstances, they have little incentive to pull the plug if there is a rational chance that they can recover more from a conversion to equity."

This is something I have had a question about since sitting through the first Economics lecture way back when. Is this a fertile environment for creditors to act rationally? And as such can we expect rational behavior? The premise, I believe in your statement is that people act rationally.

I believe UA will continue to exist and provide a service I will happily pay for, but.........

would not analysis show that perhaps this is not, and for quite a while has not been, the best strategy as a shareholder? If we could take an impartial snapshot of today, what would be the best course of action?

(this post is not intended as criticism of any viewpoint, but rather the pursuit of an interesting case study in economics)

Mike

------------------
FT picture page (hosted by markbach)
My Starbucks City Mug Collection Page
NYC Football Bet Payoff Mini-Do
SIN Mid Jan. 2003.....Let the mileage begin.......