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To: Paul Senior who wrote (12430)	5/6/2001 10:47:48 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78525

OT: Tough times in Silicon Valley (reposted here from Jimbo Cobb) Message 15755914

To: Paul Senior who wrote (12430)	5/7/2001 5:46:01 PM
From: Bob Rudd	Respond to of 78525

Paul: ALLC - Just got a call back on an inquiry I made with ALLC IR regarding potential catastrophe exposures in CMBS portfolio. Only 20% of ALLC's total portfolio is CMBS and these are geographically dispersed so it's unlikely that more than 5% of that 20% [1% of ALLC port.] would be exposed to any one event [earthquake, hurricane]. <<everything looks good, then bam, bad news, goodbye div. the stock is halved or worse>> I've paid a visit to the yield-hog slaughterhouse a time or two myself. Tain't pleasant.

To: Paul Senior who wrote (12430)	6/21/2001 3:22:21 PM
From: Bob Rudd	Read Replies (2) \| Respond to of 78525

ALLC/ALD - I was rather concerned that the premium they paid for SDP didn't make sense. Talked to IR and was told essentially that ALLC [now ALD] thought Hillman group was a real gem and would probably polish it up a bit while selling underperforming elements of SDP and end up with something that's worth well more than what they paid...to be sold or spun when market conditions are favorable. They're more familiar with SDP than I could be since they looked at it when the lent money. Looking at the breakout numbers in the SEC doc's indicates they may have a case. Here's ALD and some screw companies for anyone that wants to take a look: quote.yahoo.com The axxess key biz they've folded into Hillman looks good, too. Bottom line: I thought they might be overpaying for crap, but now am somewhat reassured. Still holding.