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

To: TwoBear who wrote (13095)	10/11/2001 12:48:28 PM
From: Paul Senior	Respond to of 78666

Brendan, I'll add to my airline holdings by starting a position today in Mike Burry's pick of MAIR. ($6.20/sh.) If it can hold its cash (about $4.72/sh. and no ltd, per Yahoo), I'd guess the lows have been seen already ($4.95/sh.). Good possibility, I am willing to bet, that the stock can sell at least 1x book ($8.35) even as revenues are cut back very substantially. jmo, and like many airline investors, I've been mostly wrong many, many times in this sector (aside to thread readers: I don't mean to imply that Mike Burry is favoring MAIR currently. His analysis was published before events of 9/11. From his CNBC page, he is not in the stock now.)

To: TwoBear who wrote (13095)	1/2/2002 11:14:46 AM
From: Bob Rudd	Read Replies (1) \| Respond to of 78666

Any opinion on FVE the recent spin from SNH & HRP? This is an excerpt from a Merrill report on it: <<Five Star [FVE] will continue to operate the 56 properties transferred to SNH from bankrupt operators post the spinoff. As a separate entity, Five Star will pay SNH annual rent payments of $7 million with a very modest expected rent increase beginning in 2004 calculated as 3% of revenue growth from the prior year. The cash flows generated from these 56 properties are currently running at around $6.5 million to $7.0 million, so SNH’s rent payment from Five Star will absorb all of the cash flows from the properties initially. But, SNH had expected these properties to generate cash flows in the $10 to $12 million range once property operations are turned around. This leaves strong growth potential for Five Star if it can indeed turn around the operations of the properties.>> Filings indicated FVE is funded with 25mm in receivables and 25mm cash.