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Non-Tech : Simula (SMU)

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To: Jaime H. Ayalde who wrote (1564)	4/1/1999 1:44:00 PM
From: Noblesse Oblige	Read Replies (2) of 1671

Hi Jaime.... We will trade through 6.5 in quarter two...on that I would bet the ranch. Although the San Diego problems are not resolved (in fact, for what all of us know, might never be "solved"), if the company can merely stop the red ink there...running at essentially the 1st quarter's level of efficiency...my guess is that this year's results will be about a half a buck. Moreover, the intrinsic value of that business to someone (or something!) that can operate it efficiently is far beyond what the market has placed on it. It is extraordinarily difficult to become a new airline seat manufacturer, and Airline Interiors is already there, producing quality product (even if not efficiently), and will benefit greatly from the eventual move to retrofitting the entire American jet fleet. I doubt that one in twenty Simula holders understands what that will mean in eventual business, but even today I think the division is worth more than ALL of Simula's outstanding debt. Take care of yourself, sir. Hope you have nothing but upticks throughout 1999.

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