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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: Scott Bergquist who wrote (210)	1/6/1999 6:53:00 AM
From: Mr. Pink	Read Replies (1) of 220

Dear Mr. Bergquist: Your assertion that Mr. Pink and His team of analysts (not to mention associates, operatives in the field, foot soldiers, henchmen etc.) have a cartoon-like understanding of REXI management is ill-founded. Before entering His REXI short position around 32 last summer, Mr. Pink did exhaustive research on the turd. His findings were a company that generated little economic value, fantastical accounting, management engaged in outrageous self-dealing and an inflated stock price. In prior posts Mr. Pink has laid out the details of His hard work. Specifically, the fact that EITF 89-4, the accounting pronouncement tha supposedly defends the company's unique brand of gain on sale accounting does not support the company's aggressive revenue recognintion policies. The recent management stock option reset is further proof of Chef Boyardee's greed. Mr. Pink

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