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

To: TimbaBear who wrote (12091)	2/22/2001 3:11:10 PM
From: Mark Adams	Read Replies (3) \| Respond to of 78468

Looked into CEGE and IDTC a bit further. CEGE: Actual cash is about $7.33/share based on recent 10Q. Value of remaining holding in Abgenix works out to be about $7.65. Abgenix holds about $6.67 in cash, and trades at $29. If Abenix were to trade near cash on hand, that would reduce the value of CEGEs stake to about $1.75/share. $9 would make a near net cash entry point with both companies running at a modest burn rate. I need to look more carefully at recent results to verify the burn rate hasn't been colored by gains on investments or subject to an upturn in research and clinic studies costs. IDTC: The value of it's remaining interest in NTOP is minimal compared to actual cash. Reported Cash is $30.47 of which $2.77 of that is holdings in NTOP. NTOP also has about $4 of cash, trading $10. This leaves IDTC with north of $27/share actual cash, while trading at roughly $21. I don't get it. Mgmt is so bad that the deserve this kind of negative premium? All in all, I'd say thus far IDTC wins hands down. I need a short to show me what I'm overlooking.

To: TimbaBear who wrote (12091)	2/22/2001 3:18:17 PM
From: Mark Adams	Read Replies (1) \| Respond to of 78468

re CCRT analytical techniques, including sophisticated computer models, to target a consumer credit market that the Company believes has been underserved by traditional grantors of credit. Is this a nice way to say 'percieved high risk' card holders? The Company markets unsecured Aspire Visa credit cards through direct mail, telemarketing and the Internet. The Company also markets to Aspire Visa cardholders other fee-based products including card registration, memberships in preferred buying clubs, travel services and credit life, disability and unemployment insurance. This is an area I avoid, especially during a suspected economic downturn.