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The news never rests, and nowhere is it busier than on the Internet bulletin boards. This column excerpts the choicest messages on the latest deals. Postings are selected from several sources, including Yahoo!, Raging Bull, Motley Fool and Silicon Investor.
Disclaimer: Board postings are entirely the product of their authors, and The Deal assumes no responsibility for the veracity or accuracy of their content.
After a flood of deals around the weekend, Monday presented fewer exciting topics for the Internet discussion boards. Moves by three companies in financial difficulties, however, raised some interest.
Houston-based business Web site host Luminant Worldwide Corp. (LUMT) announced Monday that it would sell all its core assets to Chicago technology consulting company Lante Corp. (LNTE) for $3 million. Luminant filed for bankruptcy after the markets closed Dec. 7.
Posters on Yahoo!'s Luminant board quickly perceived that ordinary shareholders had nothing to gain from the deal or the bankruptcy reorganization.
"Lante is not buying the stocks of the company but only the assets," one poster wrote. "If money is left the Preferred holders and the company holders would be getting something and then the common holders. . . ??? Don't hope for anything more."
Another poster noted: "They have like $30 million in debt and they just sold all the major assets of the company for $3 million. Translations: nothing for the shareholders."
A third poster said: "The only thing that could have saved them would have been an investor stepping in with cash. But investors don't do that when they can wait a few months and walk away with assets at 10 cents on the dollar."
Several posters took out their frustrations on company management. "I lost a small fortune with these rat bastards," one poster fumed. "I hope they get theirs."
Another observed...