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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (21661)	7/12/2005 3:53:40 AM
From: itilis2003	Read Replies (1) of 78814

I have tended to dismiss 13D buyers such as this one has unless there is other insider buying on top of it. Why ? Because a beneficial owner isnt really an insider and as such doesnt have any insider knowledge. Sure, he is "deemed" one by his large position, but that brings us back to him and his track record. Without any reason to believe the guy has a fantastic track record, I dismiss these kind of filings. As for SPOR, I hold my position from years ago. To say I have lost confidence in the board is an understatement. Watching them spend millions defending the Tomlinsons and then letting the tomlimnsons parachute out with severences well above even what was stated in the proxy is hard to fathom. The fact that they hired a banker many months ago and we havent heard anything and the stock has gone down suggests to me they are going to try and screw us since the Tomlinsons showed them how its done. I fear they will go dark on us and pilfer whats left. I hope Im wrong, but none of the directors has a significant stake and not one has a backbone from what I can tell. Id say our upside might be $4-4.50 in a buyout...if anyone wants it. Our downside ? $2.00 bid, $2.50 offer on the pinksheets perhaps followed by a reverse split to force out small holders at unfavorable prices. As for BAMM, I sold half of my small remaining position at $9.99 the day they announced the tender. The fact that insiders werent selling was bullish. The fact that an insider sold a bunch in the open market a few days later was bearish. So its a split decision for me. But with my cost basis so low, I feel like I should hold a small position out of gratitude.

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