Laurence Cashin

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  www.stockhouse.ca/comp_info.asp?symbol=FPS&table=LIST - [Cached Version]
  Published on: 4/3/2007    Last Visited: 4/3/2007  

  Bondholder warns Fraser Papers risks bankruptcy with Katahdin buy TORONTO (CP) - Fraser Papers Inc. (TSX:FPS) is moving towards receivership with its planned US$80-million acquisition of money-losing Katahdin Paper Co. from Brookfield Asset Management Inc. (TSX:BAM.A), warns a major bondholder of the company. 'It's a bankruptcy move,' Laurence Cashin, a credit analyst with Toronto-based Marret Asset Management, said of the sale to Brookfield. 2/8/2007 8:19:00 AM

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  About Marret - [Cached Version]
  Published on: 2/27/2009    Last Visited: 2/27/2009  

  Laurence Cashin joined Marret in July 2004. He first gained experience in high yield debt markets during two years as an Analyst and Partner at Vancouver-based Deans Knight Capital Management, a firm with institutional mandates in high yield bonds.
  
  Prior to entering the investment industry in 1997, he was in public practice for four years at Price Waterhouse in Vancouver. Laurence is a Chartered Accountant and a Chartered Financial Analyst charterholder. He has been an occasional contributor of op-ed pieces to the Financial Post on investment related topics.

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  About TELUS | Investors | Investment Profile | Analyst... - [Cached Version]
  Published on: 4/10/2001    Last Visited: 2/11/2004  

  Laurence Cashin (604) 659-8208

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  Aurum ISR: Search Results. - [Cached Version]
  Published on: 9/10/2004    Last Visited: 12/19/2004  

  by Laurence Cashin, CA, CFA.
  ...
  by Laurence Cashin, CA, CFA
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  Laurence Cashin, CA, CFA

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  Company Bankruptcy at Bankruptcy - [Cached Version]
  Published on: 2/6/2007    Last Visited: 2/8/2007  

  "It's a bankruptcy move," Laurence Cashin, a credit analyst with Toronto-based Marret Asset Management, ...

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  GlobeAdvisor.com - [Cached Version]
  Published on: 9/23/2005    Last Visited: 9/27/2005  

  'I think the FBI was definitely involved,' Laurence Cashin, Marret vice-president, told the audience, joking that the New York financial giant reviewed Marret president Barry Allan's kindergarten transcripts.

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  NATIONAL POST - [Cached Version]
  Published on: 11/28/2003    Last Visited: 11/28/2003  

  Laurence Cashin
  
  Financial Post
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  Laurence Cashin is a chartered accountant and a CFA charterholder working as an equity and fixed income analyst at Odlum Brown Ltd. in Vancouver.

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  News1130 - ALL NEWS RADIO - [Cached Version]
  Published on: 2/7/2007    Last Visited: 2/9/2007  

  "It's a bankruptcy move," Laurence Cashin, a credit analyst with Toronto-based Marret Asset Management, said of the sale to Brookfield.
  
  Brookfield, formerly known as Brascan, is Fraser's controlling shareholder, with about half the company.
  
  Marret holds $22 million in corporate bonds issued by Fraser, about one-quarter to one-third of the company's outstanding bond debt.
  
  "Minority shareholders should be voting this down immediately," Cashin said."A company with $175 million in market capitalization that has a negative free cash flow has no business making the $80-million acquisition of a money losing asset," Cashin said.
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  Cashin said $90 million culled from the sale of timberlands should have gone towards tendering Fraser's bonds, which would have helped the company's Moody's rating, which was downgraded last week to near junk-bond status.
  
  "You're stripping out every last penny to buy an asset from a related party that nobody else wants," Cashin said.
  
  The Moody's report said the Katahdin transaction leaves Fraser "exposed to a possible liquidity crisis."
  
  "The . . . rating reflects Moody's belief that Fraser Papers may not have adequate cash on hand over the course of the next 12 to cover (capital spending) of approximately $15 million, interest expense of approximately $13 million and ongoing working capital needs," the report stated.
  
  Cashin said as a senior note holder he would expect to get 60 cents back on the dollar if the company went bankrupt.
  
  "If I'm worried about not getting 100 per cent back on the dollar ... then equity holders should be doubly worried," Cashin said.

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  Odlum Brown - Investment Integrity Since 1923 - [Cached Version]
  Published on: 1/16/2004    Last Visited: 1/16/2004  

  Laurence Cashin, CFA, CAEquity Analyst
  
  Laurence is a Chartered Accountant and a Chartered Financial Analyst charterholder.Prior to joining Odlum Brown in February 2001, Laurence was an Analyst at a money management firm in Vancouver.He also traded equities and bonds for pension plan and mutual fund portfolios.Laurence has prior experience at a brokerage firm as a research associate.Before entering the investment industry in 1997, Laurence was a Chartered Accountant at Price Waterhouse in Vancouver.

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  Profiles - [Cached Version]
  Published on: 5/26/2007    Last Visited: 5/26/2007  

  Laurence Cashin joined Marret in July 2004.He spent the prior three years as a Senior Research Analyst covering telecom services, media and technology equity and fixed income securities at an independent brokerage firm in Vancouver.
  
  Laurence first gained experience in high yield markets during two years as an Analyst and Partner at a Vancouver-based money management firm with institutional mandates specializing in high yield bonds and small capitalization equities.
  
  Laurence also has two years experience in research in the resource sector at a bank-owned dealer.
  
  Laurence has worked in financial services for the past eleven years.Prior to entering the investment industry, Laurence was in public practice at the former Price Waterhouse in Vancouver.
  
  Laurence has a B.A.H. from Queen's University and is a Chartered Accountant and a Chartered Financial Analyst charterholder.He has been an occasional contributor of Op-Ed pieces to the Financial Post on investment and accounting related topics.

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