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Strategies & Market Trends : Closed End Global and Country Funds

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To: Shoe who wrote (102)	11/11/1997 12:31:00 PM
From: Shoe	Read Replies (1) of 289

Liberation in Iberia (IBF) -- will it spread? biz.yahoo.com Scudder is evidently having to make concessions due to Phil Goldstein's successful campaign, supported by major shareholders, to defeat the new management agreement required for the Scudder-Zurich merger. Other funds trading at large discounts may not present such immediate opportunities. The holders of the other Scudder CEFs voted like sheep to approve the new agreements and lost their leverage (though it would not hurt to write Scudder and ask why treatment similar to IBF is not fair for, e.g., NEF -- which I happen hold). Still, if the big carnivores in the CEF game get a taste of blood, we may see increased pressure on CEF management for structural reforms. IMHO, CEFs with discounts over 20% are generally somewhat more attractive today than yesterday. Which ones are the most vulnerable? -- Shoe (long IBF, hoping Scudder delivers)

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