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

To: Allen Furlan who wrote (10272)	4/1/2000 5:49:00 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78670

Elam. Yes, here's another disappointing semi-buyout. Two negatives would be: ELAM will get stock/cash--- it's going to be another case of money in management hands in search of a business. (Can the ELAM management team invest the money wisely? -- I am not sure.) Secondly, since they've sold off what I assume most people consider the attractive part - electronic contract manufacturing - potential or current stockholders who might have, or will have, invested because of this -- they will be gone. In other words, there's no more potential catalyst that I can see. On the other hand, the balance sheet is considerably strengthened. There is a business left that ELAM can build on. It's very early, imo, to conclude that this business is only worth what the market capitalization is - given that all those who want out are getting out or got out and have driven the stock price down sharply to its current level. I subscribe to this latter view and have added back up to a full position yesterday, buying at prices 5 3/8 and below. Paul