Follow up on REXI.
Courtesy of an email from Ron...
Resource America (REXI:Nasdaq), a specialty lender whose accounting practices -- and stock -- have come under fire in recent weeks, received a $282 million, or $15 a share, takeover bid today from a company identified as Radcliffe Mitchell & Weiss. Radcliffe Mitchell identifies itself in a press release as "an investment firm with interests in real estate and other investments."
The contact on the press release was Roy Nazaroff, whose phone number was traced to a home in Monroe, N.Y., that has an appraised value of $40,300. "You're obviously a very good reporter," Nazaroff said.
Who is he? Does he do public relations for Radcliffe Mitchell? "Uh, PR, yes," he said.
Where is Radcliff Mitchell located? Who are the principals? "I'll decline further comment for now," he said. "We're a private firm. We're not going to give any other information than that."
As it turns out, Radcliff Mitchell & Weiss is listed under "New York Fictitious Business Names" as having been formed on May 8, 1996, by none other than Roy Nazaroff, identified as its owner, according to a search of Lexis/Nexis. A search of Dow Jones News databanks found no mentions of the company in the past two years.
A Resource America spokeswoman said, "When we got the letter it was like a bolt from the blue. We don't know who he is."
Resource America's stock peaked Aug. 19 at 37 1/8 when a report by Off Wall Street, an independent research firm, raised questions about its operations. Two days ago the stock was trading as low as 8. News of the deal, this morning, pushed it as high as 13 3/4 before it settled back to its recent price of around 9 1/4.
_______ end of story
What is it with stocks that end in "EXI"? I seem to remember a scam with SEXI as well. lol The moral of the story is when things look fishy, they probably are. |
