HITSGALORE.COM (HITT) Message Board

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Microcap & Penny Stocks : HITSGALORE.COM (HITT)

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To: Janice Shell who wrote (5422)	4/18/2000 2:59:00 PM
From: Jack Hartmann	Read Replies (2) of 7056

Janice, Dorian may find out that $50M retail in stamps is not $20 million wholesale. The Aden collection (a catchty nickname vs. stamps exclusively from Aden) has the potential of being worth 200K or less. I have represented banks who were swindled by lofty numismatic appraisals. $500K of collateral turns out to be $30K. Another friend bought an appraised 10K collection which turned out to be worth $200 using the numismatic industry standard Grey Sheet. Overappraising 50 times is not unrealistic, because I have seen it. It occurs because the prices used are the highest historical retail possible and the collection is severely overgraded. In the coin industry, insurance run 1% of value in a safety deposit box. Since the Lloyds premium is 70K, Maybe 7M is the best that HITT could hope for. One wonders if Lloyds ever appraised it before putting out insurance. Usually collections over 100K have independent appraisals. Having seen the LTF default on the investment, the potential for LTF to get an inflated stamp apprasal is very good. Many appraisers can be bought like expert witnesses. I'm betting on 200K of stamp value, HITT suing LFT, and both being bankrupt in 12 months. Jack

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