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Strategies & Market Trends : American RE Partnership - ACP

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To: Michael Hwang who wrote (2)	5/22/1998 3:33:00 PM
From: MC Niemi	Read Replies (1) of 7

Look at the financials of this. It screams value, value, value. Price is $10.25 yet the book value is $17.50. this book value is not fluf. You get cash of $10.50 per share. The balance of $7.00 is made up of investments and real estate (the lp owns 205 properties). Price has gone nowhere and it does not pay a dividend like a reit does. Carl Icahn controls the cards here. He owns over 75% of it. When he wants it to move it will move. this is for the patient value investor. Hopefully it will be significantly higher in 2 or 3 years. Icahn has $500 million of cash to invest on the LP's behalf. MC

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