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Non-Tech : Cable Car Beverage (DRNK)
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To: Khris Vogel who wrote (166)6/25/1997 2:51:00 PM
From: Steve Patterson   of 284
 
Two comments:

"Most of the co.'s shareholders have a basis of below $2.50, so they really should think of this as a good deal."

No. I knew DRNK was undervalued when I bought it, and the subsequent earnings release pushed the stock up to a more reasonable value. And with Triarc in free fall...but we've already gone through this one.

"the stock had run up on either just increased popularity on the street or because of speculation of an impending deal involving DRNK being bought."

No. The stock began its run the day after they released their first quarter earnings on May 1: "Cable Car Beverage Corporation Reports Net Income Growth of over 100% in First Quarter." This is much more material than buyout rumors, which happen all the time to small companies. Anyone who doesn't think that such a press release will cause a major movement in a stock's price needs their head examined, or is covering up for something else.

I will call and e-mail the company with my opinion, which remains that DRNK is worth just over $6 to me in cash, and that I will vote against any deal that does not give me that. (Knowing, of course, that we probably won't get what we ask for.) I recommend everyone on this board do the same.

Anyone with a full-service brokerage account should let their broker know about this, and urge them to contact other holders of DRNK in an effort to get the word out. Anyone have a website they can spare a page or two on for information and contact purposes?

Steve
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