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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (4068)	5/13/1998 2:04:00 PM
From: Andrew	Read Replies (1) of 78525

some pso dirt to justify discount. aka- the devil's in the details We probably should get into the details and discuss all the bads here as we all agree how cheap it is. In reading the proxy, I note the following items: 1) board is quite fixtured with aging bulbs (while morbid- always good catalyst down the road); noone but kagan owns any shares so they probably care little for shareholder. 2) kagan's shares are in right of first refusal agmt w/ striar's; (anyone know who joseph nerges is or where he could be found?) 3) nice death benefit favoring insiders- 15 yrs with co and officer/director - yrs salary to spouse/kids. only 2 guys qualify. nice to attract talent but 15 yr reqt isn't hiring incentive thus not shareholder friendly 4) anyone notice retirement benefits paid to kagan? next we all should get and read the 10-K at sec.gov

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