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Strategies & Market Trends : Resource America (REXI)
REXI 9.7800.0%Sep 9 5:00 PM EST
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To: Spunky Beaver who wrote (45)8/28/1998 7:12:00 PM
From: Candle stick  Read Replies (2) of 220
 
Resource America Authorizes 50 million dollar Buyback

Friday August 28, 1:39 pm Eastern Time

Company Press Release

Resource America Authorizes Buyback

PHILADELPHIA--(BUSINESS WIRE)--Aug. 28, 1998--Resource America Inc.
(NASDAQ:REXI - news; the ''company'')
announced today that its board of directors has authorized a repurchase by the company
of up to $50 million of its corporate
securities.

Repurchases may be made from time to time through open market purchases or privately
negotiated transactions at the discretion
of the company and in accordance with the rules of the Securities and Exchange
Commission, as applicable. The amount and
timing of any repurchases will depend on market conditions.

The company currently has outstanding approximately 20.2 million shares of
common stock and $115 million of its unsecured 12
percent Senior Notes due 2004.

.............at these prices a 50 million buyback could remove 20% of the float, and that on
a stock that is down from 36 to 13, on a report by a short selling firm, that was refuted
by Robertson Stephens and co., who said that there was nothing irregular about the
accounting, and expects REXI to meet or exceed estimates...management has also,
"vehemently" denied that there is anything irregular. At this point it seems to be
suicidal to remain short, and I expect some serious buying come Monday morning....nice
weekend to you all.....;^)

biz.yahoo.com
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