Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: FESHBACH_DISCIPLE who wrote (9166)	5/26/1999 1:04:00 AM
From: MAELING	Read Replies (1) of 18998

Dear Feshbach Acolyte, Although the real Bros. would probably put on such a position these days and use such logic, they would get hosed the same way that they have all through the '90's. Suggest that you read the TAPS proxy. The time to put on that position was last summer, or even this spring. MDM is NOT in default. The PPM unit in Calif. is under bankruptcy supervision, the entire company is not. Your information is pure Bandini. Suggest that you talk to the Caremark unit to find out whether they are operating under supervision of the Court. A deal to give 2 shares of MDM, extinguish the TAPS, and release the cash early might make sense. Otherwise the TAPS mature August 31, 00. The govt bonds will generate ~$2 in dividends. The likelihood of a filing by MDM is so miniscule that I assume you made it up. So it appears that your "Arb" will net you -$1 over the next 15 months. Suggest you hire Johnnie Cochran to press your case. And you can get off your knees now.

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