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Strategies & Market Trends : Value Investing

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To: Difco who wrote (45976)	12/16/2011 12:19:40 AM
From: Spekulatius	of 78704

re XLS, the dividends were done to shuffle funds around amongst the 3 spinoff companies. I assumed it was to make sure that each of the spinoff companies had an appropriate financial structure post spinoff. I am sure the auditors did their job and signed off on the filings. I am not sure that management presented the truth in their presentation on 10/14 and 10/25 stating that the pension deficit is ~1B$ when a subsequent 10Q filed in November states more or less hidden, that as of 9/30/11 the pension deficit is really 2.1B$. As for their business itself, I don't think it's in too bad of a shape, despite potential budget cuts. True, they have exposure to Iraq and Afghanistan, but many of their programs look pretty good and resilient to me and they have ~30% of non-defense (air traffic control etc) as well.

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