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Biotech / Medical : T/FIF Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: Walter Morton who wrote (949)	6/9/1999 11:25:00 PM
From: John Metcalf	Respond to of 1073

Walter, I've already answered you, but will give one more answer. Only one. This one! Pay attention! Cistron has traded below its tangible value for a couple years. Stubbornly, I have held shares in the belief that the company has to be at least worth its cash and equivalents. Nevertheless, history impels an honest person not to recommend the stock below par, because it has not traded above par. Reputable biotechs, Ariad and NTII for example, have issued private placements and floorless convertibles. As they've done so, I've become more and more convinced that Cistron will be taken out above cash value because that is less dilutive to the acquirer than a "toxic" convertible. In addition, I believe that CIST has a minor royalty stream from Techne and potential biobucks deals (PMC) that would add some value beyond the cash and equivs. I HAVE NOT BELIEIVED FOR MORE THAN A YEAR THAT CISTRON WOULD EVER DEVELOP THE CAPABILITY OF BECOMING AN OPERATING COMPANY. They don't have the horses, Walter. Six employees, most secretaries! No way! At length, harangued by Rick, Steve, and yourself, amongst others, the Board has put the company up for sale. Yay, hooray! Finally, they acknowledge the obvious! And now you're complaining! Why?! So where in the sancrosanct bloody fuming seventh level of Hell are you finding that Cistron will ever be valued on a par with legitmate biotech companies? Why do you persistently discourage investors by publishing clueless hype day after day? FWIW: If they were worth $10 a share, I would rejoice in my immense wealth. But I would never compromise my integrity or the respect of my friends on SI by saying they are worth more than $1 per share. Walter, this is my last word on the subject. Let's get back to the Total/FilFth port. (That is what T/FIF means?....)