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Strategies & Market Trends : Ocwen Asset Inv. Co (OAC)
OAC 15.43-5.8%Jan 21 4:00 PM EST
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To: leigh aulper who wrote (26)3/20/1998 7:04:00 AM
From: Labrador  Read Replies (2) of 64
 
by the way, another comment -- lease buy-out received in 4th quarter resulted in 6 cents decline. Well did this not result in an increase in the 4th quarter dividend of 6 cents -- I dont seem to remember that this was discussed in previous announcements -- namely that last year's 4th quarter dividend was ARTIFICIALLY INFLATED by 6 cents -- an obviously material amount in comparison to last quarter's dividend payment.

Yes -- the I/O hits will continue for tax-reporting purposes over the life of the I/O investments.

I am really disenchanted with management for there lack of candor:

1. what does last quarter's distribution have to do with the drop in this quarter's dividend?
2. why no prior disclosure in the 4th quarter of the 6 cent increase due to the lease buy-out?
3. seems to be misleading w/r/t to the I/O writeoff which was not to have a material impact in the 1998 dividend (contrary to my prior comments).

Am I wrong in my views -- has management been telling us the complete story or just dressing up the REIT to look respectable? If institutional holders view this as I do, i dont think that this stock is worthy of being held (my how my views have changed). I thought that they were being candid on the early February conference call -- BUT each of the 3 hits to the first quarter dividend was known then but not mentioned. I feel misled.

Comments anyone?
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