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Strategies & Market Trends : Value Investing

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To: rjm2 who wrote (11195)	9/27/2000 3:27:17 PM
From: Daniel Chisholm	Read Replies (2) of 78645

Insiders own very little stock so them not tendering is nothing to jump up & down over p. 18 of the 18-Sep-00 offering document: directors and executive officers own 803,450 shares, or approx. 5.39%. While $3.6M doesn't seem like chump change to me, I do see your point. Snyder & PPM ... got access to material non-public info back when they shopped the company ... the best they could come up with was $5.25 non-firm. So these guys will be selling at a LOSS despite the value. I think your last sentence here is wrong -- could you re-check it and get back to me if you figure out which one of us is wrong? p. 5 of the document details this (believe it or not, I missed this on my first read!). Since both PPM & Snyder, once they were in possession of this "material inside information", decided that they were not interested in $5.35, I would assume that they'd probably not tender in this $4.50-$6.00 tender offer. - Daniel

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