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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (12741)	7/5/2001 11:07:44 AM
From: rjm2	Read Replies (1) of 78920

I bought ESGR a few years ago as a shell with a boatload of cash & NOLs hired 2 hotshots from Goldman Sacs, One of which invested $15 million. They looked for deals for a long time and then found this reinsurance thing. Invested $9.6 million in July 2000 for a 1/2 voting and 1/3 economic interest and so far have gotten capital distributions & dividends totaling $10.2 million with the principal still on the balance sheet. There is no disclosure of excess liabilities in the filings and it SOUNDS too good to be true. I just cant see who would leave this kind of $$ on the table like that. Interesting thing is they earned $1.55 a share last year with only 14% of their assets in insurance stuff. The rest was in cash. Book is about $17 but with their NOLs & these smart guys on board, I suspect it could continue much higher than the recent $20. Just hard to figure how they can find deals like this when the rest of the world cant.

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