BFT: Will the tulip craze ever break down? Message Board

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Strategies & Market Trends : BFT: Will the tulip craze ever break down?

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To: Pancho Villa who wrote (127)	3/22/1998 11:11:00 PM
From: John Tais	Read Replies (1) of 650

Amusing error. S&P report I got thru Waterhouse Webbroker lists BFIT book value as $9.16. So I went digging in the 10K and it looks like share holder's equity is only $70 MM, or little more than $3 per share. They stand to double this figure with the cash they'll receive in the new stock offering. So there will be 23 MM shares and maybe 140 MM in equity. This is only $6 a share. S&P is probably counting some of those confusing "installment contracts receivable" as part of book value, without the corresponding liability. Did anybody catch the 2.9 million share warrant at $5 a share granted to Bally's Entertainment at the time of the spinoff that is apparently now owned by Arthur Goldberg? (formerly CEO of Bally Entertainment) Not an insignificant amount of dilution. Is this counted in the 20.575 million shares outstanding at yearend?

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