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Biotech / Medical : Oxford Health Plan (OXHP)
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To: robt justine who wrote (577)12/15/1997 10:48:00 PM
From: Michael Burry  Read Replies (2) of 2068
 
<Now that you are bearish>

I wouldn't say that is my position. At the same
time, you seem to be depending on either (a) future charges
insufficient to jeopardize ST liquidity and/or (b) that announced
charges will be reduced in the future. Either of these
may happen, but I don't find a margin of safety in counting
on them.

I don't like the word lie, but the company has seemed to
be less than upfront -
as I detailed earlier in my numbers analysis. Even with the
latest announcement, what the press release says does not
jive with what Wiggins told analysts a few hours later which
does not jive with his interview claiming 500M in equity.
I'm looking for logical disagreement here with reference
to what I outlined in the numbers.

Now several seem to think I am just yelling "those liars," which
I am not doing at all. I presented a numerical analysis and have
repeatedly asked for clarification from others. My conclusions
stand on that.

Re: the 270M in potential cash advances

This is an issue the analysts and the company was still sorting
through when I talked to them. Most seemed to think it was a
dumb mistake to give doctors an open checkbook in the current
environment. I think it was a solid goodwill gesture. Too
bad the doctors aren't repaying them in good faith.

Re: the accounting, the company has not detailed it to
my knowledge. It looks like it may have been incorporated
into operating costs for the quarter, but I am not 100% positive.
I certainly hope it isn't a latent charge waiting to happen.
A call to the company should clarify the situation.

Good Investing,
Mike
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