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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 (811)	1/15/1998 7:44:00 PM
From: Daniel Colton	Respond to of 18998

Mr.Pink, UPEN is being aquired by WPS for .90 shares of WPS for every share of UPEN. WPS is at 32 7/16. UPEN is at 26. According to the conversion rate UPEN's value today should be 29.19 a share. Any insight to these type of valuations. Thanks. Subject: UPEN Date: Tue, 13 Jan 1998 16:59:00 -0600 From: Sheedy Donna M <dsheedy@wpsr.com> Organization: wpsr To: drlhc@mhv.net (DRLHC) CC: fkicsar@wpsr.com In response to your January 12 E-mail message, on July 10, 1997, WPS Resources Corporation (WPS) and Upper Peninsula Energy Corporation (UPEN) announced that their Boards of Directors approved an agreement to merge the two energy companies. WPS Resources Corporation's principal subsidiary is Wisconsin Public Service Corporation (WPSC), an electric and natural gas utility headquartered in Green Bay, Wisconsin. Upper Peninsula Energy Corporation's principal subsidiary is the Upper Peninsula Power Company (UPPCO). Following the necessary regulatory approvals, UPEN will be merged into WPS and Upper Peninsula Power Company (UPPCO) will become a wholly-owned subsidiary of WPS. The transaction will be structured as a tax-free, stock-for-stock exchange. In the merger, holders of UPEN common stock will receive .90 shares of WPS common stock for each share of UPEN common stock they own. Owners of WPS common stock will retain the number of shares they own on the effective date. For a complete copy of the news release, please check the WPS Resources Corporation home page on the Internet at wpsr.com. Click on Financial Information, click on Financial News, click on Other News With Financial Impact, click on WPS and UPEN Announce Merger. More extensive information can be obtained from the WPS Resources Corporation Internet site by clicking on Financial Information, clicking on SEC Filings, clicking on SEC Form S-4, and then clicking on any of the three reports under that section. If you have additional questions, please contact us. Donna M. Sheedy Administrative Supervisor - Corporate Secretary Wisconsin Public Service Corporation (920) 433-1857 dsheedy@wpsr.com

To: Mr. Pink who wrote (811)	1/16/1998 6:19:00 PM
From: Dan Packer	Respond to of 18998

Hey, Puke, if you want a strange and wonderous security, check out MDX. It's a 6 1/2% TAPS yielding ~12% right now with US treasuries backing the instrument.

To: Mr. Pink who wrote (811)	1/17/1998 10:38:00 AM
From: Arthur Radley	Read Replies (2) \| Respond to of 18998

Morning Mr. Pink: I would like you and your "flocks" opinion on PolyMedica(PM) on the Amex. First a little background on the stock. Pm is a diabetic supply company that provides over 200 products through mail-order distribution, mainly to Medicare clients. This market is huge when you consider that treating this condition consumes 15% of every health-care dollar and 30% of the Medicare budget. There are 650,000 new diabetics each year in the US. Currently only 10% of the eligible Medicare patients take advantage of this mail-order service but with PM they are adding over 10,000 new clients a quarter. In little over one year(August,1996) when they bought Liberty Medical, they have grown their client base from under 20,000 to currently over 60,000 clients. Needless to say, in the first 6 months of fiscal 1998(Ending March 98), PM has exceeded revenue for the prior 12 months and earnings are growing at a comparable rate. Earnings are projected at .45 for this year and .68 for next year, but all these numbers are probably outdated because of the rapid growth in clients currently PLUS on July 1, 1998, Medicare will start paying for diabetic testing for non-insulin dependent diabetics. This alone will increase the number of potential PM clients by approximately 1 to 2 million individuals. With PM expected to report blowout numbers on January 21, the interest in their stock has apparrently drawn interest as it increased by 2.00 this past week but is still trading under the 52 week high of approximately 15.00. PM has acheived this growth with an effective national TV campaign outlining their services which includes handling the insurance claim forms and filing for their Medicare benefits and mailing future supplies to the client on a scheduled basis. I would appreciate your thoughts on this stock.