NEWS FLASH!!
S&P cuts Rushman to junk status
(Rooters, 11/29/2001 11:07)
NEW YORK, Nov 29 (Rooters) - Rushman Corp.'s (OTCBB:RUSHQ) ratings were cut to junk status on Thursday by Standard & Poor's, potentially crippling the Canadian trader's ability to meet its obligations.
S&P cut its corporate-credit and senior unsecured debt ratings for Yukon-based Rushman to "B-minus," its sixth highest junk grade, from "BBB-minus." It said it may further change the ratings. Rushman was renegotiating a purchase with rival Janko Inc. (NYSE:JAN), cutting the $50 dollar (US) price by more than half, people familiar with the matter said.
S&P said it had a "loss of confidence" that the payment will be completed, and said a voluntary Chapter 11 bankruptcy filing by Rushman is a "distinct possibility" if the check bounces.
Rushman shares traded Thursday on the Over the Counter Exchange at $.05, down $49.95, or 99.9 percent.
sorry, couldnt resist =)
-qwik