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Gold/Mining/Energy : Orbit Oil and Gas (t.orb) -- Ignore unavailable to you. Want to Upgrade?

To: Scott Mc who wrote (142)	12/2/1997 12:38:00 AM
From: Tommy D	Read Replies (1) \| Respond to of 171

Maybe I am missing something in this takeover but this company, after the takeover bid is considered, is trading at app. 4 times cash flow and the company is actively drilling. In addition, the volume seems to me to indicate that the arbitragers are moving in in expectation of a further offer. Further Lamond has not said he wouldn't sell, just that the price was not high enough. Having said all that, I did sell some of my position to take some money off the table. I think it is only prudent given the volatility of the market. However, I do expect another offer, for what its worth.