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Strategies & Market Trends : Value Investing
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To: Allen Furlan who wrote (14321)4/17/2002 11:19:36 PM
From: Paul Senior  Read Replies (2) of 78520
 
Okay, Allen Furlan, I've waited a day or so for "those who understand situations such as sofn" to respond to your request about BPP. I'm not one who qualifies per your request, but I'll comment now anyway. BPP looks like a reasonable bet to me. They've listed out what they believe is the net asset value after making reasonable allowances for expenses (or so it seems to me). They've listed what might go wrong (failure of tenants to pay, inability to sell properties at what their appraisal says, etc.) Maybe the pieces they are trying to sell now are the dregs - the other sales were the desirable properties and easy sales. (I don't know this to be either a fact or consideration though.) Stock price seems well below the breakup price -assuming that's the net asset price as estimated by management. The insiders (per Yahoo) aren't selling out now. So overall, it looks like a good bet to me.

Assuming there are continuing partial payments to stockholders over the next 12 months or so, I'll go for a position (small) in a deferred tax account.

Stock will be converted to a liquidating trust, which I believe implies that the stock buyers who enter the trust forgo being able to see a daily stock quote or being able to sell (trade) out of position. That is, if someone buys the stock and holds it through to the transfer to liquidating trust, that person will then be forced to hold all the way to the final distribution and the trust being dissolved. Shouldn't be problem for patient value investors.

Paul Senior
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