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Non-Tech : BMC Industries
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To: margaret tasset who wrote (343)6/30/1998 11:37:00 PM
From: Michael Burry  Read Replies (2) of 359
 
Shareholder rights = management protection. IOW, "we messed up and
now someone may want to acquire us to kick us out and truly realize
shareholder value so let's make sure that doesn't happen." This
unfortunately confirms to me that management may be less than even passably ethical, as has been suggested by several "employees" of
BMC over on the Yahoo thread.

I see positives here - namely the insider purchases at twice these levels, the large line of credit from an IB, and low multiples. But this move makes me want to stay away. Shareholders of companies with failed management teams should at least have the hope that M&A activity could rescue their investment.

I'm watching this story from the sidelines, but with intense interest.
I see a lot of mixed signals, but in the next few months I expect
some clarity to arrive on the scene.

Mike
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