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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7806)	7/21/1999 7:22:00 PM
From: jeffbas	Read Replies (2) of 78476

Mike, please don't give up on arbitrage because this one hurt you a bit. Go back to the reason we sold our NH, or at least why I did. They grossly overpaid for CSE. Conceptually, buying this arbitrage may have gone against your reason for selling NH? NH may slowly be waking up to the fact that it overpaid and be trying to renegotiate the deal, because of "worse than expected results". CSE, in my opinion, would have little alternative to taking a price cut. This is what today's action is saying, in my opinion -- a $5-10 price cut. (The drop is way too big for a delay in closing.)

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