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Strategies & Market Trends : Value Investing

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To: Daniel Chisholm who wrote (11196)	9/27/2000 9:50:45 PM
From: rjm2	Read Replies (2) of 78652

Insiders (less Muscovich) directly own 351,000 shares (this figure EXCLUDES options which are out of the money anyway). In relation to the $4.67 million or so that Fred has earned in total the last 3 years for runing the company into the ground, the 351,000 shares becomes awfully minisule. Synder & PPM both indicated that they would not be interested in a SALE transaction at $5.25...but keep reading...they indicated they would be in favor of a self-tender or repurchase program and Synder INDICATED THEY WOULD PARTICIPATE in a self-tender and PPM indicated they would "likely" participate. An example would be...I believe that HGPI is worth in excess of $12 per share. I would be opposed to a buyout offer at $6 per share, and yet, I sold a small amount of HGPI today at $4.72. Just because I lowered my exposure does not mean I would be willing to sell my entire position at $4.72. In fact, I own a larger $ amount of HGPI now than I did when I brought it to this board 3 weeks ago at $3.56. I was surprised nobody here was interested.

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