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To: E.J. Neitz Jr who wrote (40710)	6/17/2002 10:38:48 PM
From: BWAC	Read Replies (1) \| Respond to of 53068

Sounds like the bought out VLSI of 1998 to me. Traded to cash value at $7, no debt, fiddled around, famous CFO quote to me "Not a time to be a hero and spend our cash to buy back half the stock", and still they would have had sufficient cash to operate..............fast forward 6 months.........Philips does end around on my "hero CFO" and brings hostile offer for $12. VLSI ended up going for $17ish. VLSI tracked/followed/traded in sympathy with LSI. LSI was $10 when VLSI was $7. LSI went to $200. An insane $200, but a sane $60 would have been a hell of a lot better that $17.

To: E.J. Neitz Jr who wrote (40710)	6/18/2002 6:48:46 AM
From: Joe Stocks	Respond to of 53068

"Seriously, all 19 of my positions have poor current analyst ratings and most are seeing continued operating losses and even some have negative cash flows." YOu guys live in a different world if you think a portfolio like this is a recipe for financial success. Indeed there is a reason they are all inthe tank and it ain't just because the public is foolish and these are the babies in the bath water. The companies I have seen mentioned are the "bath water". ADCT is a classic example. The folks made them restrict over $200 million in cash to guarantee their leases. Like the building's value was not enough??? IMO a company needs to be desperate to tie up cash like that and also the lenders, which know these businesses much better than we, seem to be nervous. ADCT is still selling over book and revenues where down 56% and 62% from two years ago. Questionable continued positive cash flow it looks to me. I would be interested in a list of your 19 positions. Maybe I can find a horse in there somewhere. gggg Joe