Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (2577)	9/3/1998 9:54:00 PM
From: TRIIBoy	Read Replies (1) of 18998

Mr. pink, Auric Goldfinger came up with Vitech America as a short. On further due diligence I found the following: "By my analysis inventories have jumped 132% yoy and 46% sequentially versus a sales jump 70% yoy and 14% sequentially. Especially perplexing is the fact that "components in transit" has been up over 100% for two straight quarters and that finished goods inventory is up nearly 1000% since last year and 47% sequentially. The company sold its A/R for about $70 million to some offshore company, but i beleive they are still liable for it. Also, VTCH has a history of delaying its 10-Qs and 10-K, three times in fact in the last year. Add in DSOs of 200 days adding back in A/R they just sold and it sounds like a doozy. Oh, yeah and they sell computers into Brazil and management has a dubious history. Thoughts, oh pinkish one?

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