Finova Group

[Artofgolf]

Well, let me toss this one out for discussion.

I've looked at FNVG from every possible angle & I wonder what the
sharpies in this forum would see.

Any thoughts?

All the best,
Art

[valuez]

The smart guys at LUK believe there will be nothing left over for the
equity holders.

If we assume those guys are too conservative with their estimates, they
must be able to collect more than expected from the old receivables.

The problem is: (1) we don't have too much info about those receivables
(2) we are not sure of the impact of the recent wave of bankruptcy
filings.

Anyone has expertise in analyzing the collectability percentage of the
receivables?

Brian

----------------
http://www.zenway.com
- Graham-Buffett Value Investing Research Workshops

[Artofgolf]

<If we assume those guys are too conservative with their estimates,
they must be able to collect more than expected from the old
receivables.>

In following the liquidation process for 3 years, Steinberg & Cumming
have realized values in excess for the receivables, so far for the most
part.

I have a feeling that they may repurchase some of the Senior Notes
outstanding, now that Berkadia is no longer obligated to hold them and
are possibly available for sale.

I think there is more here than meets the eye, but I can't quite put my
finger on it (yet). I'll keep looking.......

All the best,
Art