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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits" -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (437)	12/6/2000 11:09:10 AM
From: ron coleman	Read Replies (1) \| Respond to of 1185

what's the play here? do we buy kab now to get the spin-off.... do we wait to see if the present shareholders dump the llc shares after the spin-off and buy the shares at a bargain... or something else... ron

To: Paul Senior who wrote (437)	12/6/2000 12:43:34 PM
From: Carey Thompson	Respond to of 1185

Yes, Paul I know Kaneb. I bought the Moran bonds 8 years ago. From what I remember, Kaneb has industrial services, pipeline and related terminal assets. Its operation is profitable or near profitable regardless of the price of petroleum products. The pipeline related business has grown over the years to over 60% of total revenues. I think there is a two tier ownership set up with a class A and class B shares. Also, at one time there was a perferred stock issue. Management tends to its business. Debt is a large percent of its capitalization, averaging over 70%. From my notes the common price has traded from 1 3/4 - 6 3/4 from 1990 thru 1998. So don't expect super price appreciation. Kaneb Services, Inc 2435 N Central Expwy Richardson, TX 75080 (972) 699-4055 Chair, CEO: John R. Barnes CFO: Howard Wadsworth