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To: Galirayo who wrote (5960)	1/31/1998 9:04:00 PM
From: Carlton G Glenn	Read Replies (1) \| Respond to of 9262

Hi Ray, is it time to wind that clock again?? Carl

To: Galirayo who wrote (5960)	2/1/1998 1:55:00 PM
From: scaram(o)uche	Respond to of 9262

[ book value ] Ray..... you flagged an interesting biotech. IMUL.... little chance for recovery. However, most of that book value is cash or cash equivalents, and the company has a decent regulatory base behind vaccine technology. They've retained H&Q to do a deal for them, and they're likely to be taken out by a company with strong stock. Easy access to cash. I'd explore taking out CIST (another "below book" company with vaccine interests and cash) at the same time, putting $60 million plus IL-1 adjuvancy to work for a company with cancer or infectious disease antigens. I once played the take-out of a company called Glycomed by Ligand (LGND). It worked out for about 30% upside at the close, and about 100% soon thereafter as LGND stock was relatively strong for a brief period (the 30/100 is off the top of my head from a few years ago, and may not be accurate). Glycomed was bound by long-term obligations which were about equal to their cash hoard, a problem that doesn't face IMUL or CIST. On the other hand, it was very difficult for a biotech to raise cash at that time, which does not reflect the present situation. An analyst that I follow has recently mentioned a few cash plays, including IMUL. I don't know how active the SI thread is, but there used to be some insightful contributors. Might be worth a look. Current focus is on a cocaine vaccine. The company is CEOless. The acting CEO seems to be a decent fit. Restructuring is ruthless and ongoing, and the cash burn has been markedly reduced. Rick

To: Galirayo who wrote (5960)	2/6/1998 10:25:00 PM
From: Galirayo	Read Replies (1) \| Respond to of 9262

[ Book Value Scan ] . . . Symbol Scan Close Book Val PE Below BK %Off BK EPS ACEP , BookVal , 2.625 , 2.95 , 52 , 0.33 , -11.11% , 0.05 , 02/06/1998 ADVNA , BookVal , 30.812 , 48.36 , 20 , 17.55 , -36.28% , 1.52 , 02/06/1998 APLOF , BookVal , 0.344 , 1.53 , -4 , 1.19 , -77.56% ,-0.08 , 02/06/1998 APWD , BookVal , 0.344 , 0.46 , -1 , 0.11 , -24.78% ,-0.33 , 02/06/1998 ARS , BookVal , 8.625 , 9.71 , 15 , 1.09 , -11.18% , 0.58 , 02/06/1998 ASFI , BookVal , 0.500 , 1.84 , -3 , 1.34 , -72.80% ,-0.15 , 02/06/1998 ATRI , BookVal , 11.938 , 16.49 , 2 , 4.55 , -27.59% , 6.69 , 02/06/1998 AUTO , BookVal , 0.438 , 1.45 , 0 , 1.01 , -69.77% ,-2.05 , 02/06/1998 AVCC , BookVal , 1.406 , 3.05 , 5 , 1.65 , -53.95% , 0.28 , 02/06/1998 AXLE , BookVal , 1.656 , 1.75 , 13 , 0.09 , -5.25% , 0.13 , 02/06/1998 BAGL , BookVal , 0.875 , 1.26 , -4 , 0.38 , -30.33% ,-0.21 , 02/06/1998 BOST , BookVal , 7.906 , 15.07 , 8 , 7.16 , -47.53% , 1.01 , 02/06/1998 CAU , BookVal , 1.000 , 1.39 , -7 , 0.39 , -28.16% ,-0.15 , 02/06/1998 CHGO , BookVal , 1.625 , 1.89 , -11 , 0.26 , -13.88% ,-0.15 , 02/06/1998 CIGR , BookVal , 1.062 , 1.57 , 13 , 0.51 , -32.41% , 0.08 , 02/06/1998 CMTI , BookVal , 0.906 , 1.21 , -1 , 0.30 , -24.85% ,-1.62 , 02/06/1998 CMYN , BookVal , 0.406 , 2.60 , 0 , 2.20 , -84.39% ,-0.90 , 02/06/1998 CNTY , BookVal , 1.062 , 1.29 , -15 , 0.23 , -17.95% ,-0.07 , 02/06/1998 COM , BookVal , 5.250 , 8.59 , 9 , 3.34 , -38.88% , 0.57 , 02/06/1998 CRLG , BookVal , 0.156 , 0.19 , 0 , 0.04 , -19.46% ,-0.60 , 02/06/1998 CSIS , BookVal , 1.125 , 1.79 , -16 , 0.67 , -37.29% ,-0.07 , 02/06/1998 CSNO , BookVal , 2.688 , 3.51 , -24 , 0.82 , -23.43% ,-0.11 , 02/06/1998 CSPI , BookVal , 9.250 , 9.39 , -44 , 0.14 , -1.53% ,-0.21 , 02/06/1998 CYRK , BookVal , 10.000 , 11.68 , 34 , 1.68 , -14.38% , 0.29 , 02/06/1998 DANKY , BookVal , 19.625 , 34.44 , 20 , 14.82 , -43.02% , 0.99 , 02/06/1998 DIDA , BookVal , 0.625 , 0.91 , -1 , 0.28 , -31.09% ,-0.72 , 02/06/1998 DJT , BookVal , 11.062 , 15.86 , 11 , 4.80 , -30.26% , 0.99 , 02/06/1998 DLOV , BookVal , 0.156 , 0.17 , -1 , 0.01 , -7.54% ,-0.18 , 02/06/1998 DYGN , BookVal , 0.062 , 0.30 , 0 , 0.24 , -79.17% ,-0.27 , 02/06/1998 EDCO , BookVal , 4.250 , 6.45 , -71 , 2.20 , -34.16% ,-0.06 , 02/06/1998 EMBR , BookVal , 0.188 , 0.55 , 0 , 0.36 , -65.72% ,-0.41 , 02/06/1998 ENVG , BookVal , 1.438 , 1.57 , -24 , 0.13 , -8.21% ,-0.06 , 02/06/1998 EWND , BookVal , 2.031 , 2.21 , -2 , 0.18 , -8.17% ,-0.85 , 02/06/1998 FCENA , BookVal , 0.031 , 0.35 , 0 , 0.32 , -91.20% ,-1.04 , 02/06/1998 FENT , BookVal , 0.875 , 3.60 , 2 , 2.72 , -75.67% , 0.51 , 02/06/1998 FINE , BookVal , 10.188 , 12.51 , 11 , 2.32 , -18.58% , 0.94 , 02/06/1998 FIRM , BookVal , 0.688 , 1.63 , -3 , 0.95 , -57.90% ,-0.23 , 02/06/1998 FLYT , BookVal , 0.906 , 2.95 , 0 , 2.05 , -69.30% ,-2.96 , 02/06/1998 GLDR , BookVal , 2.500 , 2.98 , -50 , 0.48 , -16.16% ,-0.05 , 02/06/1998 GRLL , BookVal , 3.750 , 4.61 , 27 , 0.86 , -18.69% , 0.14 , 02/06/1998 GUSH , BookVal , 1.062 , 2.17 , -4 , 1.11 , -51.10% ,-0.28 , 02/06/1998 HAHI , BookVal , 2.125 , 2.95 , -8 , 0.82 , -27.87% ,-0.26 , 02/06/1998 HART , BookVal , 1.312 , 3.85 , 0 , 2.54 , -65.89% ,-6.74 , 02/06/1998 HLM , BookVal , 0.688 , 1.39 , 2 , 0.70 , -50.61% , 0.39 , 02/06/1998 HPSC , BookVal , 5.250 , 7.64 , 20 , 2.39 , -31.27% , 0.26 , 02/06/1998 HQH , BookVal , 16.938 , 23.11 , 0 , 6.17 , -26.70% , 0.00 , 02/06/1998 ICOC , BookVal , 5.750 , 5.89 , 30 , 0.14 , -2.31% , 0.19 , 02/06/1998 IEC , BookVal , 20.500 , 22.87 , 7 , 2.37 , -10.37% , 3.05 , 02/06/1998 IMUL , BookVal , 2.125 , 2.84 , -3 , 0.71 , -25.12% ,-0.71 , 02/06/1998 ISCO , BookVal , 1.312 , 1.48 , -1 , 0.17 , -11.26% ,-2.53 , 02/06/1998 ISRL , BookVal , 0.781 , 0.87 , -20 , 0.09 , -10.61% ,-0.04 , 02/06/1998 ITH , BookVal , 1.500 , 1.75 , -3 , 0.25 , -14.24% ,-0.58 , 02/06/1998 KKRO , BookVal , 1.312 , 2.85 , -1 , 1.54 , -53.93% ,-1.31 , 02/06/1998 KMX , BookVal , 8.812 , 17.14 , -80 , 8.33 , -48.58% ,-0.11 , 02/06/1998 LEAP , BookVal , 1.375 , 2.25 , -4 , 0.88 , -39.00% ,-0.37 , 02/06/1998 LECE , BookVal , 0.562 , 1.18 , -1 , 0.62 , -52.25% ,-0.40 , 02/06/1998 LGCY , BookVal , 0.375 , 0.39 , 0 , 0.01 , -3.35% , 0.00 , 02/06/1998 LUST , BookVal , 0.625 , 0.76 , -1 , 0.14 , -18.19% ,-0.97 , 02/06/1998 MEDD , BookVal , 0.062 , 0.14 , 0 , 0.07 , -53.70% ,-0.61 , 02/06/1998 NAFI , BookVal , 2.094 , 3.15 , 0 , 1.05 , -33.47% , 0.00 , 02/06/1998 NMED , BookVal , 0.625 , 1.20 , -2 , 0.58 , -47.92% ,-0.33 , 02/06/1998 NTBM , BookVal , 0.125 , 1.44 , 0 , 1.32 , -91.33% ,-5.46 , 02/06/1998 NURS , BookVal , 0.250 , 0.41 , 3 , 0.16 , -38.27% , 0.08 , 02/06/1998 NYBS , BookVal , 1.875 , 2.45 , -4 , 0.57 , -23.38% ,-0.45 , 02/06/1998 PFNT , BookVal , 1.938 , 2.01 , -2 , 0.08 , -3.75% ,-1.29 , 02/06/1998 PHSYB , BookVal , 60.000 , 79.98 , 19 , 19.98 , -24.98% , 3.18 , 02/06/1998 PHYX , BookVal , 1.625 , 2.51 , -2 , 0.88 , -35.18% ,-0.80 , 02/06/1998 POG , BookVal , 6.938 , 10.50 , 11 , 3.57 , -33.95% , 0.62 , 02/06/1998 PRG , BookVal , 3.875 , 10.07 , -43 , 6.20 , -61.54% ,-0.09 , 02/06/1998 PSYS , BookVal , 1.312 , 1.49 , 1 , 0.17 , -11.62% , 1.68 , 02/06/1998 QUAL , BookVal , 5.688 , 6.14 , -47 , 0.45 , -7.34% ,-0.12 , 02/06/1998 QUST , BookVal , 7.562 , 9.34 , 14 , 1.78 , -19.04% , 0.56 , 02/06/1998 RCHI , BookVal , 23.250 , 23.26 , 194 , 0.01 , -0.03% , 0.12 , 02/06/1998 RDGE , BookVal , 12.438 , 20.75 , 18 , 8.32 , -40.07% , 0.69 , 02/06/1998 RINT , BookVal , 0.438 , 0.64 , -1 , 0.20 , -31.53% ,-0.85 , 02/06/1998 RSGI , BookVal , 1.250 , 2.99 , -2 , 1.74 , -58.19% ,-0.66 , 02/06/1998 RWT , BookVal , 22.125 , 22.61 , 11 , 0.49 , -2.15% , 1.94 , 02/06/1998 SECM , BookVal , 1.625 , 2.68 , 27 , 1.05 , -39.32% , 0.06 , 02/06/1998 SKYL , BookVal , 0.875 , 1.50 , 0 , 0.63 , -41.74% ,-2.45 , 02/06/1998 SOLR , BookVal , 1.688 , 2.31 , 7 , 0.62 , -26.79% , 0.24 , 02/06/1998 SPTA , BookVal , 0.344 , 0.55 , -1 , 0.20 , -36.93% ,-0.52 , 02/06/1998 SPZN , BookVal , 5.625 , 6.58 , 7 , 0.96 , -14.54% , 0.77 , 02/06/1998 SRRCF , BookVal , 0.094 , 0.10 , -1 , 0.00 , -3.35% ,-0.18 , 02/06/1998 SSPE , BookVal , 16.625 , 17.18 , 92 , 0.56 , -3.24% , 0.18 , 02/06/1998 TBCOA , BookVal , 10.500 , 18.82 , -8 , 8.32 , -44.19% ,-1.36 , 02/06/1998 TDXT , BookVal , 2.125 , 3.84 , -5 , 1.71 , -44.59% ,-0.41 , 02/06/1998 UDCI , BookVal , 12.438 , 13.60 , -83 , 1.16 , -8.55% ,-0.15 , 02/06/1998 UFEM , BookVal , 1.500 , 1.68 , 0 , 0.18 , -10.61% ,-5.41 , 02/06/1998 UGLY , BookVal , 7.062 , 9.58 , 9 , 2.52 , -26.26% , 0.80 , 02/06/1998 UNHC , BookVal , 0.500 , 0.65 , 0 , 0.15 , -23.66% ,-3.99 , 02/06/1998 USBR , BookVal , 2.125 , 2.70 , 6 , 0.58 , -21.44% , 0.33 , 02/06/1998 USDL , BookVal , 4.250 , 5.36 , -3 , 1.11 , -20.77% ,-1.54 , 02/06/1998 VUPDA , BookVal , 2.375 , 4.94 , 16 , 2.56 , -51.90% , 0.15 , 02/06/1998 VVTV , BookVal , 3.562 , 4.73 , 6 , 1.17 , -24.73% , 0.60 , 02/06/1998 WCEC , BookVal , 1.562 , 7.48 , -7 , 5.92 , -79.11% ,-0.22 , 02/06/1998