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Non-Tech : J.B. Oxford

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To: frank meysamy who wrote (1536)	3/11/1999 1:55:00 AM
From: Burton Waxman	Read Replies (2) of 2220

Frank, have you or anyone else done this calculation? JBOH has a market cap of about 125mm. I don't know what their customer base is, let's assume a conservative 1mm customers. The buy-out of JBOH would then be $125 per customer. I noticed that E-trade was increasing the number of registered shares. Also, Toronto-Dominion (Waterhouse was quoted as looking for additional aquisitions). I'm not sure what the total equity of JBOH is but their ongoing attempt to reduce debt, options, and available shares seems to bode well for some sort of buyout or merger. Not that this stock needs it, the new management seems to be doing the right things in short order. Your thoughts? By the way I'm not in yet but probably will be nibbling tomorrow.

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