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Strategies & Market Trends : Value Investing
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To: peter michaelson who wrote (7837)7/24/1999 1:33:00 PM
From: jeffbas  Read Replies (2) of 78842
 
Peter, on ALSC, note the latest earnings release. The weighted average lockup period for the whole UMC block is 1.75 years in this notoriously volatile industry. The $585 million current valuation should be given some haircuts - at least the private placement haircut (of a public company) which is locked up for a year (subject to 144 rules), the haircut of a disproportionately large, foreign, stock investment on someone else's balance sheet not your own.

I do not think this is nearly as cheap as GZSP was at 3 5/8, but bears watching. The key question is whether we would pay $300 million for a
crummy $60 million business with a retained earnings deficit, plus
$600+ million of restricted stock assets. My feeling is it is at fair value or a bit cheap. I like REAL CHEAP!
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