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To: Brinks who wrote (15328)	8/26/2002 1:03:08 PM
From: TimbaBear	Respond to of 78673

Brinks Just exactly what is it that you want to point out on the 13D filings of NIAG? That form is not really for commentary. The most recent 13D shows that Schloss has divested himself of all ownership, and it looks to me like they did so at a loss. The $2.50 sale price is much lower than the $3.00+ average they posted when they filed the 13D 6 months or so earlier. How do you see this relating to Dixon? The message I would get is that if one were to buy Dixon now, they could sell in 6 months or so and experience a 20% or so loss. I suspect that is not the message you were trying to convey, hence the question. Timba

To: Brinks who wrote (15328)	8/26/2002 5:17:51 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78673

<<As a CPA a qualified opinion such as Dixon's does not mean 'Stick a fork in it, it's done.' Far from it.>>Perhaps I overstated the liklihood of bankruptcy...considering 'it's done' to mean bankruptcy. Studies have shown only 20 to 25% of firms with 'going concern' opinions subsequently file. Just for funsies, I plugged DXT's numbers into a spreadsheet with several bankruptcy prediction models [Altman, Beaver, Springate...] 5 of 5 predicted bankruptcy. A 6th model, Altman modified for non-manufacturing co's only showed it as 'weak' but since DXT is a manufacturing co. I didn't see it as relevant. So does the combination of the GCO and 5 model predictions mean that DXT is 'done'...nope...all models and methods have significant error rates in forecasting bankruptcy of firms that don't file. The models are significantly more accurate than the GCO's though: westga.edu Despite the current unfreindly view of the credit markets towards risky borrowers, DXT may yet wiggle out of trouble. That said, I don't see debt adjusted [EV] multiples that reflect the risk or justify even a speculative bet at current price levels....but I've been wrong many times before. Good luck with your investment.