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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (77627)	3/11/2000 2:49:00 PM
From: Freedom Fighter	Read Replies (1) of 132070

Joan, I'm not sure what he thinks the intrinsic value is other than higher than it selling for now. His "telling" comment was that he would consider repurchasing shares if they were selling at a significant discount to a "conservative" estimate of intrinsic value. He then said he was ready to pull the trigger at 45,000 per "A" share, but held off. I think the low volume has something to do with it. So does the fact that he is currently buying other things that may be "more" undervalued than his own stock (in his mind). My guess is that he thinks 60,000 per "A" is a "conservative estimate (perhaps more). 10%-15% is not worth the trouble. The current price is around 41,000. If it doesn't pop next week I believe he will start buying. Most of the valuations I have seen have placed the value at anywhere from 60,000 to 90,000. The "b" shares are worth about a 3% discount due to voting rights. I'm not sure where he got the 3% from. In my mind it's not a factor but 3 % is cool with me. (after 30-1) Wayne

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