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Strategies & Market Trends : cash-rich dot bombs

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To: stock leader who wrote (49)	12/18/2000 9:36:22 PM
From: Mike 2.0	Read Replies (2) of 184

Well, first let's be careful regarding 'cash value.' I saw some posts with book value being bandied about. We want GREEN cash...with plenty of cushion too. Cash minus all liabilities...forget A/R and forget fixed asset liquidation value (for now anyway). And comb the 10Ks and proxy statement VERY carefully...some execs may have golden parachutes if they are terminated for any reason other than just cause. Some stocks seemingly well below cash value may not be after all. Stocks that still make the cut...as you correctly said, public float must > insider control. That said, are there 5+% holders (I believe file a 13-G or similar statement of ownership to SEC) who are friendly external shareholders? Or not? I suppose the only way to find out is to ask. Then you could simply buy some shares...then submit a shareholder proxy proposal to vote to liquidate the company. I suspect this has already happened in the past. There was a mutual fund manager who took an active approach in forcing management change but I can't recall MF company or his name (Michael something...not sure). Can anyone recall who I am talking about? If yes, go into EDGAR and find SEC submissions by him and his company. They make for interesting reading and good background research. Ditto for SEC filings related to closed end funds trading at a large discount to Net Asset Value (NAV) forced by investors to go open end, of course immediately pocketing the discount as open end funds always price at 100% of NAV.

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