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To: Paul Senior who wrote (8775)	10/27/1999 12:19:00 PM
From: Grommit	Respond to of 78659

I stumbled onto CDX recently and bought in yesterday. Glad to hear you are also invested. Thx for the JOE info to both of you. PS this market sure stinks lately, doesn't it?

To: Paul Senior who wrote (8775)	10/27/1999 1:19:00 PM
From: Wright Sullivan	Respond to of 78659

Paul- These real estate owner/developer companies are a strange breed, indeed, and do tend to be very regionally focused, so I agree on owning several and having a very long timeframe. A few additional notes from JOE call this morning: - Makes you wonder how much of this was driven by the DuPont trust (owns 70% of JOE and another 5% of FLA). The voting structure of the new class of stock gives the trust the ability to pretty much name the FLA board. They may have lost confidence in JOE over the last couple years, and wanted to own their huge FLA chunk outright, instead of mostly through JOE. - JOE wrote off $5 million last quarter for their ~1997 purchase of Entros, a goofy Seattle-based entertainment company. No explanation by management of what went wrong here, but I remember Jim Clarke mentioning this and the NFL-theme restaurant fiasco as being warning signs of lost focus and questionable capital allocation. By the way, you're right, Jim gets the credit for perfectly timing both the buy decision (often easy) and the sell decision (IMO, far harder). -Wright

To: Paul Senior who wrote (8775)	11/17/1999 7:31:00 PM
From: Grommit	Respond to of 78659

Paul, CDX popped a bit and here is the news. I have not seen this on Yahoo yet. Since it was not a press release, perhaps it will not be picked up. ?? Catellus Investor Was Contacted by Possible Buyers (Update2) (Adds latest stock price) Washington, Nov. 17 (Bloomberg) -- A Catellus Development Corp. investor said it has been approached by possible buyers for the real estate operating company. Southeastern Asset Management Inc., which is the largest Catellus investor with a 19.7 percent stake, reported in a 13D filing with the Securities and Exchange Commission that it has been contacted by ''several third parties'' interested in ''a transaction which could include an acquisition of all outstanding shares'' of Catellus. Catellus shares rose 1 3/8 to 13 5/16. A spokeswoman for the San Francisco-based company declined to comment. So did a spokesman for Memphis, Tennessee-based Southeastern. Catellus holds income-producing properties and undeveloped land, and develops, manages and owns a variety of industrial, residential, retail and major mixed-use projects. Southeastern Asset Management, based in Memphis, Tennessee, has four mutual funds and manages assets for individual and institutional customers.