Able’s Young and his Interfiducia.

Yesterday Able Telcom Holding Corp. (Symbol: ABTE) (Price: $11.5625) announced that Interfiducia Partners LLC had agreed to purchase a defaulted note held by John Hancock Mutual Life Insurance Company (“Hancock”). Hancock sold its $10 million plus claim for less than the amount due and payable. The announcement stated Robert H. Young and Gerald Pye had joined Able Telcom’s Board, and that Mr. Pye represented Interfiducia. It did not state that Robert H. Young is also affiliated with Interfiducia and that Interfiducia was formed on January 7, 1999.

Able Telcom failed to disclose any information on Mr. Young, Mr. Pye or Interfiducia. These individuals do not represent any known financial or business interest. Mr. Young is President of Neos Communications, Inc., a 5-person operation in Dallas. Mr. Pye’s only known business activity is as a director of a small, private Boca Raton, Florida company. Interfiducia has no known business, assets or banking relationship.

Interfiducia’s reported purchase of Able Telcom’s defaulted debt and preferred obligations do not provide any new capital for Able Telcom. Able Telcom’s projects are losing money. They have been offered for sale or joint venture to virtually every company in the business. None, including TransCore and Lockheed, have agreed to deal with Able Telcom. This, and the fact that Able Telcom’s debt and preferred holders are willing to sell at discounts, confirms Able Telcom’s lack of equity value.

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