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Technology Stocks : CCGI: ComTech Consolidated
CCGI 8.510-3.3%Feb 13 4:00 PM EST
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To: Taki who wrote (203)11/19/1998 8:37:00 AM
From: jmt  Read Replies (1) of 394
 
The only explanation is we are getting hit by subordinated convertible redeemable debentures

Taki:

I have been reading your posts on this thread for the last few days and question your analysis (not your sincerity).

First, how can a company initiate a share buyback if they have no cash. Financing operations is much more important than share repurchase for a one time jump start.

Secondly yo talk about fair value. I have seen so many projections for BB stocks with earnings in the billions per share. About 1 % ever come close to the projection, and all are covered by the safe harbor statements. So the smart money waits to see the first couple of quarters of real operating earnings before investing.

Also, BB stocks deserve lower than market P/E's as their are additional competitive risks (breaking into markets held by larger established companies) and liquidity risk (If any negative event happened no large investor could exit the position in an orderly manner without losing their shirt.

Finally, you make a comment concerning convertable debt. Are you positive this type of debt exists with the company, and how is it structured (convertable prefferred at a discount to market?). If you are aware of this type of debt security, please post the details or point me to where I can research.

I do believe this company bears watching. The accounting for the acquistions seems to be completely disclosed and conservative. If they can reach the revenue and earnings projections, this would in fact be a favorable opportunity.

jmt
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