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Non-Tech : ABXA.ob ABX air former subsid Airborne -- Ignore unavailable to you. Want to Upgrade?

To: boneil55 who wrote (2)	1/1/2004 8:54:16 PM
From: Cosmo Daisey	Respond to of 5

The company has undervalued their assets because of tax rules by a wide margin. Airbourne depreciated the equipment to an average of 2 mil per plane. The cost to replace those same planes is estimated to be about 20 mil each and ABXA is in the market for similar planes to add to their fleet at that cost. ABXA would have run into problems if they declared a higher value for tax purposes because it is essentially the same unit that Airbourne was before the spinoff. I am not saying that the inventory is worth 20 mil each but it sure is more than 2 mil. Also expanding into package transport for other carriers will add to bottom line. Probably worth more like 8.5 to 9 right now before added planes and expanded business. Caught in a pickle between tax depreciation and asset valuation. Cosmo