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To: Think4Yourself who wrote (69017)6/30/2000 1:23:07 PM
From: Ronald J. Clark  Respond to of 95453
 
TMR deal with Shell is more than fair given today's oil and gas prices. Figure in the dilution and MW cost (view as additional debt) or figure the entire amount (10.52/sh for buyout of the preferred shares Shell holds) and it's still cheap. It trades at 2-3X cash flow for a reason and the Shell preferred issue is that reason! IMHO whatever "harm" there is to the shareholders of TMR re: this issue is more than already priced into the stock.