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

To: Paul Senior who wrote (18146)	12/8/2003 1:22:34 PM
From: - with a K	Respond to of 78507

Hi Paul. I use to own OCA because I liked the growth story but became distrustful of the numbers and the business model. I sold for a loss after I became uncomfortable with management and their accounting practices. There was an extensive write-up on OCA as a short in the Value Investor's Club (membership). As luck would have it, just yesterday I came across a Value Line report on OCA; a 60 second look at of curiousity did not encourage me to dig further. The (30?) lawsuits were mentioned. FWIW.

To: Paul Senior who wrote (18146)	12/8/2003 1:35:28 PM
From: Sergio H	Read Replies (1) \| Respond to of 78507

Hi Paul. I was looking at OCA over the weekend also as it was recommended by a friend. Worth noting besides the pending litigation is that a new CFO came aboard last year and has thrown out the bad water. OCA has missed earning estimates on their last two reports and future estimates have been lowered. Over the past two months I've sold all my shares on FDP. I noticed in a prior post of yours that you do not close out a position in full in your investment philosophy. You might want to review FDP and see if it still holds true for the reasons that you bought it. I started a new position in DAR. Very mundane business. They collect and recycle animal processing by-products and used cooking oil from food service establishments. Efforts to sell the company haven't turned up much interest. I think the numbers are attractive. It's selling below sales and generating positive free cash flow.

To: Paul Senior who wrote (18146)	12/8/2003 1:54:38 PM
From: Brendan W	Respond to of 78507

re: OCA I'm looking to double down, too. I still don't understand the short case (there's a huge short position). Debt has been coming down, cash is stable, yet we are at new lows. I want a little bit better price and to read their filings again before I do. The two negatives I see are (a) I thought I noticed a drop in patient counts in the last press release and (b) their growth/diversification is troubling... I wish they'd focus on the main business.