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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote ()	6/28/2000 9:26:00 AM
From: flyboy	of 78670

EPRE worth $8.95 a share regardless of the SWBD investment. Cash is $3.35 a share or $77M equity in Software.com $2.00 sh $46M Cash reserved for SWBD $3.60sh $83M Total is $8.95 a share without a business or $206M. EPRE has a 40% stake in SWBD but since the value of that (investment) is at breakeven with the cash position there is no additional value. I suspect that the shorts have designs to drive the price lower, but this is a risky move. EPRE is not going broke or burning cash very fast. I will buy at any price below $9 and know that I will profit.

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