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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Mr. Pink who wrote (9275)5/28/1999 5:37:00 PM
From: RockyBalboa  Read Replies (2) of 18998
 
MP, I want to bring another gift to the altar.

ARTT. Drifted up to $11 from a $2 low.

ARTT has no cash, laughable 225k revenues, down from last q. Losing book and money. I don't see any facts for going long this issue. Do you?

RT provides Internet services to business customers in the Seattle, Phoenix and Portland metropolitan areas. In the first quarter ending March 31, 1999, ART increased the number of customers ordering service from 116 to 250. .

AND:

''In the first quarter, we were very heavily focused on securing financing to fund the company's growth as well as increasing our penetration of previously
acquired on-net buildings in our three markets,'' said Henry ''Harry'' C. Hirsch, ART chairman and CEO. ''Given our capital constraints during the quarter, we
were limited to working within existing markets and to concentrating our efforts on growing our customer base in a relatively small universe of buildings. Under
the circumstances, we are satisfied with our operating results.

''As to the status of the financing, although significant progress has been made, it is taking longer than expected to complete the process,'' Hirsch added.

We know that already - from Iridium. Everythink takes longer and costs more than usually planned. Fact is that the business model is -not- viable.

Everything north of the "book" value of $2 is way too much.
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