Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.750

-14.5%

Dec 5 9:30 AM EST

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To: Steve Fancy who wrote (11241)	1/6/1999 3:15:00 PM
From: Safado	Read Replies (1) of 22640

Thank Steve. I did e-mail Georgeson. None of this makes sense. I'm embarrassed to even write about it or ask Georgeson but on the Yahoo board, another poster just showed up making claims that his buddy received a $1+ dividend on the $0.12 stub. ARRRRGGGHHHHH!!!! A must read link, if you haven't yet georgeson.com An estimate of the net worth of the stub and info on the US tax implications/basis of the split. It's a bit dated so you may have seen it already. You will need the dreaded Adobe Acrobat reader installed to access it though. My math from the figures in the document total a 353 million dollar figure in residual assets. If we don't pay the employees and just reward the shareholders, considering 196 million shares, we're looking at about $1.80 book value per share. (That would cover the alleged dividend ;-) Of course, it will be less due to the closing out costs and payroll, etc. However, as this is going on TBR's 1% holding in PT is on fire. Up over 20% this week alone. quote.yahoo.com All in all, the TBR minimum liquidation target for me is now $0.65/share. That would be about a 5 bagger at current prices if my math is correct. Hey, if I'm off by even 400%, there's at least a double bagger before me. I look forward to the day that ADR's are more straightforward and hope the SEC will impose stricter reporting rules for the sake and sanity of us lowly shareholders. BTW, I lived in Brazil about 13 years ago. It was nuts. 4 digit inflation. The supermarkets (no bar codes or scanners) had full time crews whose job it was to change the price on every item in the supermarket every day to keep up with the inflation. They've come a long way but far from stable. It's just a spark away from going boom. Tread carefully.

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