Asensioexposes!com offers accurate facts that disproves past criticism of the Manuel Asensio Reports. - Manuel Asensio Report: Jan. 14, 1999 Able Telcom restates NYSTA deal.

“Diana has gone from a red-hot stock to little more than all the nasty things Asensio said the company was when he made a multi-million-dollar bet against it.”

Peter Kendall. The Business Journal

Other resources of interest

A closer look at Manuel Asensio biography, Manuel Asensio positive outcomes, Manuel Asensio Reports, Manuel Asensio Research Legacy and other related information to Manuel Asensio

Click here

Manuel Asensio Report: Jan. 14, 1999 Able Telcom restates NYSTA deal.

Manuel Asensio and Asensio & Company, Inc. ("Asensio") report that Able Telcom Holding Corp. (Symbol: ABTE) (Price: $9.625) issued a statement admitting that the New York State Thruway Authority ("NYSTA") and MCI/WorldCom (Symbol: WCOM) are entitled to $21.5 million in payments. Able Telcom continues to fail to disclose the amounts included in its alleged conduit sale According to Manuel Asensio and Asensio, proceeds from the NYSTA conduit sale are being funneled through Able Telcom merely because Able Telcom was unable to finance the acquisition and because MCI/WorldCom was unable to find a cash buyer. Able Telcom’s attempts to claim the NYSTA deal is a new or positive development are at best misleading.

Manuel Asensio and Asensio point out that Able Telcom’s cash flow and earnings were negative even before it assumed the overhead and losses of MCI/WorldCom’s project construction division. As a result of the acquisition, Able Telcom’s senior bank and subordinated debt went into default. Even before the default the company could not obtain financing. Able Telcom can not continue to fund its losses from accounts payable and personnel reductions indefinitely. As a result, Manuel Asensio and Asensio believe its stock price does not adequately reflect the high likelihood of a near-term bankruptcy.

[ Back ]