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Strategies & Market Trends : Resource America (REXI)

REXI 9.780

0.0%

Sep 9 5:00 PM EST

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To: Quinn Dunlop who wrote (22)	8/26/1998 3:39:00 AM
From: Tom Murphy	Read Replies (1) of 220

Quinn...I think a lot more people than Mr.Pink think there is some questionable accounting going on...Thats why the stock dropped 50% in 3 days....As for the Robbie Stephans report...you left out the part where they addressed the insider transaction accounting issues. They admitted that REXI's accounting practices were very complicated and they clearly inferred that they were not all that comfortable with the amount of insider Transactions (selling loans and notes to a REIT that parties close to the company have an interest in)...That one paragraph was Stephans way of covering their butts in case it turns out the accounting is crooked.

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