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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (8023)	8/21/1999 2:31:00 PM
From: Paul Senior	Read Replies (2) of 78751

Hi Jim. Yes those two-- LKI and EBSC might work out as net-nets. I'm not understanding what to infer from your statement that EBSC does not have $140M in long term debt. I calculate from the 10k, p.20 that net-net is 338M of current assets minus 87M of current liabilities minus $121.5M of "long term obligations" minus 8M of deferred items which is about $7.5/sh. Which is what you are saying. These "long term obligations less current portion" are "three-year variable rate securitization loan agreements" -- whatever that is. If you're saying $140M is actually about $121.5M, okay. If there's more that I should be picking up on, like these securitiztion loans are some bookkeeping entry only, it's going to get to be too complicated for me -g-.

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