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Biotech / Medical : Sun Healthcare [SHG]

SHG 54.22

+0.4%

3:59 PM EST

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To: s martin who wrote (20)	2/28/1999 8:35:00 AM
From: AC Flyer	Read Replies (1) of 39

I just doubled up... ...though I'm not completely convinced that I won't come to regret doing it - now own 22,300 shares. The key question is - can SHG avoid Chapter 11, which will wipe out current shareholders? I believe they can, because of the company's broad asset base and ability to sell assets to pay down debt. I am encouraged by the level and quality of institutional shareholders in SHG, Tweedy Browne in particular. They will walk through fire to prevent a Chapter 11 filing. I believe that Tweedy Browne et al. will become directly involved in driving a restructuring of SHG, possibly even ousting current management and installing their own people, in order to protect their SHG investment. This would not only take the stock back to 5 or 6, but also above that level, as new management would unwind some of the more egregious sins of the current crew. Comments?

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