Check this out. Yesterday, Thursday, Lowenstein's "Intrinsic Value"
column in the WSJ expressed misgivings about overheating in the IPO
market, giving Consolidation Capital as an example. The CC IPO is
basically a 1/2 billion dollar blind pool looking to "Huezinga" any
one or more of 2 dozen highly fragmented industries. The
entrepreneur, Jonathan Ledecky, has a proven track record in consolidating mom-and-pop's: U.S. Office Products.
And, Lowenstein concedes: "The concept, in my opinion, is valid."
What he questions is whether Ledecky is spreading himself too thin.
The underwriter, Friedman, Billings, Ramsey:
fbrfunds.com
likewise has a hot track record (see the performance of their FBR
Funds in the WSJ's quarterly mutual fund review, in today's
(Friday's) edition).
porc --''''> |
