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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (8176)	9/8/1999 4:48:00 PM
From: Grommit	Read Replies (1) \| Respond to of 78822

MAXS... Good post. I was also thinking of adding. I do not mean to quibble but would appreciate an arithmetic lesson. You say BV of $11.50 If I take equity $97018 / shares 9434, I get $10.28 You say net net $9.50 per share. How's this: Total assets $115 M less trademarks (5) less liab (16) * Net = $94 Or around $9.96 per share. * (I ignore deferred tax payable since I do not consider it a liab --it will never be paid. Small change anyway.) No big deal, but would appreciate your input.

To: James Clarke who wrote (8176)	9/8/1999 6:11:00 PM
From: Michael Burry	Respond to of 78822

Jim, Did the same quick calc and assessment on Maxwell. Didn't add more, but thinking about it. Looks good. Meanwhile, do you have a response to my Q's re LKI? I don't see it as a net net any longer, and with increasing debt load and cash flow turning negative, I'm getting wary. Was going to hold it through the winter, but the money might be better off in Maxwell. Mike

To: James Clarke who wrote (8176)	9/9/1999 1:16:00 PM
From: jeffbas	Respond to of 78822

James, on MAXS, it seems interesting but will we have a quarter where we lose the Nine West sales and they are not fully replaced, and they lose money from operations, or close to it? If so, wouldn't that be a better time for buying the stock? I also could not find any insider buying reported at this level or lower, which has prevailed for quite a while.

To: James Clarke who wrote (8176)	9/10/1999 8:10:00 AM
From: valueminded	Respond to of 78822

James/Others Reference <#3 will be when they find something to do with the cash. Either a massive share buyback, a special dividend, or more likely an acquisition.> It would seem to me that if management is competent, and elects either the special dividend or an aquisition and does not do a stock buyback, then: 1. there is either something wrong with the stock or 2. there are better deals out there than the case you/others have made for maxs own stock. Agree/Disagree and why.. Also, you left out the fourth thing they could do with this cash which is leave it parked in their rainy day fund.