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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (5395)	12/6/1998 1:24:00 PM
From: James Clarke	of 78811

Barrons has got a very intriguing piece on Maxxam (MXM) a wheeler-dealer holding company with a very interesting valuation. It has a very thin float and the article hypes the valuation. I would guess this stock jumps big tomorrow. But if you are looking at it (and I don't know how you wouldn't be if you saw this article!) answer me one question. The company has 1.8 billion of debt, or $257 a share. The article never explicitly backed this figure out of the valuation it outlined. I estimate that about 1/3 of that debt is buried in the Kaiser valuation (Maxxam owns 60% of Kaiser Aluminum) but what about the rest?

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