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Biotech / Medical : Oxford Health Plan (OXHP) -- Ignore unavailable to you. Want to Upgrade?

To: Peter E. Thorpe who wrote (490)	12/11/1997 12:39:00 AM
From: Michael Burry	Read Replies (2) \| Respond to of 2068

Peter, I stand by my analysis in exchange2000.com I feel management is still trying to smooth things over too much when they should be just coming clean. I sincerely worry about the company's ability to continue operations if further hits in excess of $150M (no longer an outrageous number) come down the shute in the form of Medicare restructuring charges, fines, and lawsuits. If such hits come, it is possible that the regulatory authorities would halt Oxfords operations on ST solvency worries. At any price now, OXHP is speculation due to this risk. Based on my trust of management and the state of the balance sheet at the 3Q, this was not the case when I wrote the article. After all, I had communicated with the company re: the article and there is nothing there that they didn't fully and emphatically agree with. So I was wrong. Interesting that one of my favorite books, "Investment Illusions," tells a similar story that befell Community Psychiatric in 1991. Re: such accounting latitude, it states, "If you get bagged by a management team that has a long history of producing nasty surprises, you share the blame." Fool me once, shame on you. Fool me twice, shame on me. Mike