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Strategies & Market Trends : Low Price/Cash Ratio Value Stocks

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To: stock leader who wrote (718)	4/15/2003 8:07:49 PM
From: MCsweet	Read Replies (1) of 1931

TANN looks very interesting. I own a little already, but did not catch the latest SEC filing (very interesting!). I would have bought more except that the long-term operating leases for office spaced looked like a substantial off-balance-sheet liability. Any thoughts on the lease liability? Do you think they can sublease the office space? Perhaps these leases are the contingent liability mentioned in the filing: As you know, our prior proposal of $26,000,000 to $26,415,000 for all of the outstanding capital stock of was based on certain assumptions relating to the state of certain contingent liabilities of the Company. Because these assumptions have proved unfounded, we believe that a $26 million valuation is too high and we can no longer consider acquiring the Company at this valuation. MC

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