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Non-Tech : DEATHcare Stocks-Grim Reaper of Profits?
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To: Brad Zelnick who wrote (42)12/4/1997 4:19:00 AM
From: HairyWho?  Read Replies (1) of 114
 
Brad, you are obviously not slow or lazy. Your questions
are excellent and well-written. John has been following
LWN longer than I have so I am hoping he can answer your
questions better than I can.

According to my feeble memory, Ray and his wife purchased about a million and a half shares of Loewen stock on the Toronto, Montreal and New York Stock Exchanges at market prices between June-November 1997. This was probably somewhere in the 24 1/2 - 25 1/2 range. Ray has options to purchase about a million and a half more shares.

I believe Ray and his wife now own about 15% of Loewen. Should a merger take place, it clearly must take Ray into account. SRV wanted to merge with LWN in 1996 and Ray poisoned the deal. As John has pointed out in previous posts, there is a rivalry between SRV and LWN and no love lost between Ray and SRV management.

Financials are forbidding but book value is still compelling. Possible price if a merger takes place - who knows?

I don't know much about Cincinnati (I'll check the Loewen Web site) or the COO but it sounds strange to me. My gut feeling is that Mr. Loewen is possibly a paranoid man who doesn't trust anybody. He was recently pressured by insitutional investors to reconsider merger. The paranoid approach to management might work for Andy Grove and the boys at Intel but I'm not sure it's working for Ray and the Loewen Group.
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