MIRKQ.PK -- value/turn around stock?

**tuabie** Wed Sep 14, 2005 12:48 am

MIRKQ.PK -- value/turn around stock?
Blast,

Can you please comment on MIRKQ.PK? It's a utility company that went into bankruptcy couple years ago. But it's getting close to come out of bankruptcy and the stock has been on a tear lately.... is this a good value stock that is finally turning around?

Thanks.

**blast_investor** Wed Sep 14, 2005 11:37 pm

Hi tuabie:

This stock MIRKQ.PK is over-priced stock. It is only worth half of its current stock price based on its bankruptcy plan.

The current investors may lose shirt if they do not get out soon at current high price.

**tuabie** Thu Sep 15, 2005 2:11 am

Thanks for the comments Blast! Can you share with us how you calculate what is should be worth with it's BK plan?

I remember several utility company stocks appreciate a lot (like PGE) after coming out of BK. Could this (the optimisim) be the same driving force for MIRKQ's rise?

**lzhang** Thu Sep 15, 2005 2:59 am

Based on the plan, $6.5B debt will be converted into 96.25% of its new equity shares, so the current shares are worth like 6.5/96.25*3.75=.25B which is about half of its current market cap.