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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Pink who wrote (686)	12/21/1997 4:32:00 PM
From: David S.	Read Replies (1) \| Respond to of 18998

too bizarre - I met with FA 2 weeks ago. You might want to look at Banner Aerospace, majority owned by FA. Stock's at 10ish and has (gulp) $7 per share in cash with no ltd after the recently announced transactions. Is is possible that truly great minds think alike? FA's semiconductor business - could be a positive, could be a negative(given recent events in techland)

To: Mr. Pink who wrote (686)	12/22/1997 2:12:00 PM
From: F. Lynn	Read Replies (1) \| Respond to of 18998

Didnt management just redeem the outstanding debt? Or are you referring to other outstanding obligations? Also, FA just did a secondary for 3 MILLION shares, didnt they? are shares out now 23 MILLION? So: 23MILLION X $21= 483 MILLION - SPINOFF VALUE = 100 MILLION ($50M REAL ESTATE, $45 TURK CANNING,$5 FOR SEMI BIZ) __________________________ MKT VALUE OF AERO DIV 383 MILLION -170 (BANNER AEROSPACE) ________________________________________________ MKT VALUE OF $213 MILLION FASTENER DIVISION EXPECTED EBITDA $45 MILLION FASTENER DIVISION 4.73 EBITDA MULTIPLE Of course, this does not account for the debt;have to go read the prospectus for the secondary again to get a handle on the post-recap debt level.....