Anyone following Capstead (CMO)?? Message Board

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Strategies & Market Trends : Anyone following Capstead (CMO)??

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To: James F. Hopkins who wrote (144)	12/11/1998 10:11:00 AM
From: Dawgfool	of 216

This is neither a thorough nor accurate analysis but: On 9/30 had CA over CL of roughly $200 million, Appreciation of Investments of about $100 million. If I read the announcement right, they will have no significant operation left, so that makes them a pure investment play. With $500 million in cash added to above and then subtract preferred of $200 million that leaves $600 million. All told this thing should be trading at roughly BV maybe less a little discount for legal troubles. However, the action they are taking is the best thing they can do to deal with legal troubles. Attorney's can't take what you have sold and it also serves to prove the undervalued situation pre-today. Anyone smarter than me (of which you all may be) feel free to tell me where I'm off.

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