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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	6/26/2002 7:46:15 AM
From: David	of 78673

Anyone taking a look at MYR ? Jewerly retailer that was acquired by Jan Bell Marketing several years ago. (JBM was formally the Sams Club jewerly operator and discussed on this board long long ago). Net current assets: $1.40 per share ($27,492,000) Trading as of yesterday's close: .17 per share ($3,315,000) or 12% of net current assets. Lots of problems with the company -- Rolex account recently placed on hold status by supplier (Rolex watches account for approximately 24% of company net sales) Almost defaulted on its working capital line but new financing put in place by Fleet and Back Bay Capital on May 30, 2002. sale of company to Birks Jewerly was contemplated and terms offered extreme dilution of common shareholder interest, but that deal fell through. MYR was founded in 1910 and operates nationwide approximately 40 stores (22 stores in Florida). Fiscal 2001 gross sales revenue was $163.7 million. Operating loss was $80 million (ouch)! partly due to large goodwill writedown ($22 million) restructuring and other charges ($28 million) and depreciation ($9 million).

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