Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: peter michaelson who wrote (59128)	9/7/2000 4:05:23 PM
From: Mark L.	of 122087

Now that they're not doing much, what do you think KDUS will do with the cash? It's not clear. My bet is that Icahn will try to monetize the cash somehow. I don't trust him much, but I think his interests and ours are aligned--at least for the moment. On the other hand, the Laurel Partners investment was his idea, and it's now virtually worthless. If I start seeing non-biotech investments that look like this, I'm pulling out. Or, if I start seeing Glass take a salary, or at least a meaningful salary, I'm gone. In the meantime, you have a couple of talented people working for you for free. Broach has 110,000 options and presumably would like to see them significantly in the money. A decent valuation attempt can be found here: Message 14344049 I am not as sanguine about the Axiom investment as this guy, but I think 60 cents a share is a reasonable number. For whatever it's worth, I am a major buyer under $1. It seems like as safe a bet as you're likely to find. But you know me, Peter: I've got a lot of patience with value investments. :-)

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