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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (18945)3/23/2004 6:07:25 PM
From: Bob Rudd  Read Replies (1) of 78717
 
Paul: I sort of 'shorted' MAXS by selling my entire position a bit below 22 when it ran up past the offer. Since I like to see a fat gap between intrinsic value and price as part of my shorting rationale and MAXS isn't that far out of line with value, I won't be actively shorting this despite agreeing with your thesis.
Interesting to note JNY's tender is below market price. Am I the only one that finds that an odd tactic? I've previously only seen that done by scam operators trying to skim a quick buck off the uninformed...looks odd, but maybe there's a rationale....such as using the lowball to persuade holders that MAXS is not worth much more than current levels...followed by gradual raising of the tender till they get the shares they need to toss out the BOD & thus kill the pill. This scenario could lead to modestly higher prices...which perhaps the market is indicating by bidding up the shares today.
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