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To: reaper who wrote (225241)	3/4/2003 12:14:33 PM
From: Perspective	Read Replies (1) \| Respond to of 436258

Reap, you follow EMMS at all? I see they have debt of 1.2B on no equity and a market cap of 0.9B. They seem to be roughly cash flow neutral lately and (in contrast to CCU and ETM) aren't buying back stock as a result. They operate here in Portland, which is a pretty weak market. I'm still thinking these media roll-ups will be major casualties of the bubble as the debts incurred eat them alive. BC

To: reaper who wrote (225241)	3/4/2003 12:15:21 PM
From: ild	Respond to of 436258

Why is only MTG down a lot? I have bigger short in RDN. www.realmoney.com published: Reserve Worries Put MGIC Behind the Eight-Ball By Peter Eavis "But there are two big weaknesses in that approach. MGIC's insurance book has grown strongly in the past few years, and nasty surprises often follow a binge -- even in a favorable economic environment. Second, MGIC appears to have substantially under-reserved during the expansion of its book, and that seems to be catching up with the company. Indeed, skeptics say the main problem with MGIC's business model is that it allows for the front-loading of earnings. Reserves for losses are built well after the insurance business is written."