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Gold/Mining/Energy : CADIZ LAND CO (NASDAQ:CLCI)
CLCI 0.005000.0%Sep 28 5:00 PM EST
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To: Lhn5 who wrote (27)2/10/1998 8:47:00 AM
From: Dan Packer  Read Replies (1) of 50
 
Larry, I just read back through this thread. Check this post: Message 2616070

The million dollar salary, the multi million dollar house, and the failure to pay taxes raises real alarms with me. I did a quick newspaper archive search and came up with associations with Albert Fisher, Consolidated Packaging Corp, and Corporate Data Services. The sequence is ugly. He left the first to deal with disasters in the second two. It appears that he had something to do with the demise of these companies. Check it out if you care. I looked up the Board of Directors and found Weinruss to be a broker at a "boutique" in Irvine CA who flogs 'bad' companies. He is quoted in newsprint as an 'expert' in just about every industry from financial Co's to cement. I suspect that this is the kind of firm that sponsors cold calls.

In summary, the more I look at management, the more red flags I find. I do think that CLCI has some intriguing assets. They look to be totally encumbered. I assume that the encumbering institutions have a cozy relationship with this management. I'm not sure that any good fortune would cycle through to shareholders. At this point, I believe that any water revenues continue to be far into the future. The company should be priced as agricultural. With this el Nino stuff, will there be any profit this year? I don't know. Perhaps someone else can evaluate this in terms of crop yields and packing volumes.

Dan
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