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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: R Verchota who wrote (121)	9/30/1998 8:23:00 AM
From: Pluvia	Read Replies (2) of 220

STRONG SELL - SHORT SELL Recommendation Issued On REXI Greeting, I am new to this thread, but not to REXI. Being new, I have not read the backlog of posts, so hopefully the issues I bring up will not be too much of a re-hash. After some in depth research on REXI, I find it rather disturbing the way management has time and time again made transactions that appear to benefit themselves individually and rape the shareholders? Several examples would be: ~ Q3 98 $65 million loan to OSEB associates - a subsidiary of RAS run by REXI CEO's wife. Gee wiz - the company did a securities offering in April '98, for $120mm and did not disclose this type of activity under use of proceeds in the prospectus? ~ MAPCO deal in which REXI did due dill on purchase - but choose not to do the deal with REXI money. Instead, REXI insiders choose to do the deal themselves? HUH? Sounds like theft of a corporate opportunity to me? Also sounds like failure to act as a fiduciary to the REXI shareholders. ~ REXI selling loans to RAS or other affiliates/insiders of REXI at below appraisal? HUH? This looks like outright rape of the shareholders, theft of corporate opportunities and breech of fiduciary responsibility by REXI management? These self serving activities appears to be both illegal and not in the shareholders best interests. How do we know the Atlas deal is not just one more transaction to part REXI with money and place big cash in related party's hands? Answer - we do not. Management of this company cannot be trusted. Management's historic self serving actions - raping the shareholders of this company - are about to get them into a heap of trouble. I warn anyone who presently owns or is considering purchase of stock in this company to take heed. The truth about REXI is about to be disclosed, and anyone who is a shareholder of this company now should seriously consider finding another safe haven for their money. Several other items that will be revealed: ~ Use of improper accounting methods that grossly overstate income. Expect the REXI auditor to go down with REXI. This is going to get very ugly. You do not want to be long this stock when it happens. ~ Selective disclosure. REXI is supplying certain insider information to some entities and not others. This will not be tolerated. Expect action against REXI. Anyone with questions on these matters may contact me by e-mail at pluvia2@aol.com A full report describing REXI's problems will be available shortly, describing all of these issues in detail. I suggest anyone currently long consider taking appropriate measures for capital preservation immediately. All comments are my opinion, please do your own research before making any investment decisions. Cheers Steve

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