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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Andrew who wrote (14321)	10/12/2000 1:44:37 PM
From: Mr_X	Read Replies (1) \| Respond to of 18998

How does IMAX blow up and General cinemas bankruptcy color things short-term? Mr. X avid movie goer

To: Andrew who wrote (14321)	10/14/2000 1:16:00 AM
From: MAELING	Read Replies (1) \| Respond to of 18998

Andrew - thank you for taking the time to explain your advocacy of Cotter, Inc. I spent some time on these companies, and actually made money on them in the past. I came to dislike/distrust Cotter. Problem with small, illiquid situations like this is that if the controlling principal wants to, he can hold your investment hostage for long, long periods. Even if value is there. I've seen times when large salaries and perks were paid for years. (As Cotter is doing, including employing his daughters in upper management positions.) I recognize that the stated reason to reincorporate in Nevada was cost. (I wanted to see the companies merged - same lowered costs.) Corporate law in Nevada favors Cotter much more than Del. I like to see a catalyst before jumping into a small, illiquid company. Currently I'm buying into one that has indicated a liquidation. This past week was great for scaring out shares. It's run by a nasty, greedy management that refuses to communicate with shareholders. However I have been able to price, and even buy some of their underlying asset. So I'm real comfortable with the value. The issue is timing, and personal reasons are driving the CEO to liquidate. Upper management is leaving, etc. The hard thing is to buy enough stock. If I had to liquidate, the price would crater. Ciao, Maeling