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Strategies & Market Trends : Value Investing

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To: Bucky Katt who wrote (1372)	6/18/1997 3:18:00 PM
From: Oliver Hellwig	of 78753

Rather than going to the BRLI thread, I went to the marketguide snapshot and then to the April 30th 10Q. What I saw can hardly be considered a "money machine." It is trading at about 1/2 of book value but the LTD to Equity is over 100%. The reason their debt is so high is because they can't seem to collect the money for the services they render. The accounts receivable make up 44% of the Total Assets! They post revenues when services are rendered and their allowances for bad debt is over 50% of all services rendered. This is a severe cash flow problem. The company is currently making money but it is in danger of bleeding to death or being crushed under a mountain of debt.

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