American RE Partnership - ACP Message Board

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Strategies & Market Trends : American RE Partnership - ACP

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To: SC who wrote (6)	7/21/1998 11:50:00 AM
From: MC Niemi	of 7

Shawn: Do not try to get to technical with this company. You really cannot compare it with any industry group. It is not comparable with a REIT (although Icahn can convert this to a reit). This LP does own a lot of real estate but it is less than half of assets. No analysts follow this because of the small float. Icahn controls 70%+ of this partnership. Not a lot of units trade. No brokerage firm could do any volume of this stuff. I look at this as Icahn's investment partnership. Very similar to Warren Buffett and Birkshire Hathaway. The only difference being that with Buffett you are paying 2 times net asset value. With this one you are paying 1/2 of net asset value. Icahn may not be as good of an investor as Buffett but with the price differential to NAV I think this is a much better deal. You just buy this LP and forget about it for 4 years. See what Icahn can do with the money. MC

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