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

To: Paul Senior who wrote (14076)	3/4/2002 4:20:53 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78523

Paul: It's contrary to my nature to chase CMH or anything else...so I'll just ride along as others do. I added at 10.05 on 9/21..higher than my initial but still a steal. The industry isn't out of the woods, so there may be other chances. FLE: The diluted share count has jumped 50% according to the recent PR. Perhaps related to an exchange of convertible preferreds. They showed 13.7mm related to lease expenses in the most recent K sec.gov but no details on those leases. Could represent 100-150mm [13.7/10%=137mm] debt like stuff not on balance sheet. There's mention of "capital trusts" related to convertible preferred. I don't know what that's about, but am concerned about some kind of off balance sheet stuff going on. That FLE is revisiting lows while some pretty junky stuff is recovering nicely, makes me worry that either liquidity or dilution concerns are whacking it. One key difference between CMH and FLE is FLE's RV biz. They're a big player in it. Although structurally similar and thus sharing supply chains and methods, the RV market targets a very different demographic than MH. CMH is strictly MH. Here's a list of MH/RV related stocks compared to FLE: quote.yahoo.com