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To: Dick Roy who wrote (30)	3/6/1997 9:03:00 AM
From: Douglas V. Fant	of 75

Dick, Sounds like a good strategy. I too look for "bargains" relative to other stocks in a group, rather than on an absolute basis. If you like absolute value, you might consider the first priority subordinated debt of companies that file for a Chapter 13 reorganization (not a Chapter 7 Liquidation!). They usually return about 60c on the dollar in the reorganization. Often, immediately after the bankruptcy filing however, the value of all debt plunges to about 30-35c on the dollar, but the first subordinated debt soon recovers to the 60c on the dollar level (all secondary subordinated debt stays in the 25-30c range usually) .... You need to "haunt" a service that lists bankruptcies.... It's a fair IRA strategy.... Sincerely, Doug F.

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