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To: Galirayo who wrote (3189)	1/4/1998 10:25:00 PM
From: Druss	Respond to of 4339

Ray--I had a go at DJT. It was a bit of a light once over but it does offer a picture. One problem with this company is that it is a holding company really. That tends to make the overall assessment of the company as an evaluation of the component parts. Not nearly as straight forward as a single company. All of the companies seem based on gambling for basic earnings. They are pretty heavily in debt and debt servicing is a major drain right now. The cash listing is suspect, they list a very substantial amount per share. I didn't pick up how it was being done but I think creativity is being displayed here as the SEC filings didn't match up. Book value is exactly what we have been talking about. The market sure doesn't value them at anywhere near book value. I forgot to mention with book value there is also the problem of who gets paid in a liquidation. If shareholders end up last in line the book value may seem very cold comfort indeed after creditors are done. The news is mixed with a law suit. Institutional holding is very high, about 66% of total. Seventy-seven institutions involved ( a factor which may or may not be important, institutions get into the worst companies). The company is attempting to grow and increase revenue and claims some bad luck at the tables reduced profits (one of the damnest things I have ever read as an excuse for reduced revenues). No repeating revenues could mean some even more steep losses next quarter. I rate them as having a decent chance to start moving up but having a fairly high downside risk too. I would not take a position either way. As I said this is not in depth research but I saw enough not to want in either way. All the Best Druss