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

To: Raptor who wrote (963)	2/8/1998 12:14:00 AM
From: Albert Levulis	Respond to of 2068

Interesting post for america online: Subject: Michael Price Date: Fri, Feb 6, 1998 13:51 EST From: ACtri Message-id: <19980206185101.NAA17752@ladder02.news.aol.com> If Micheal Price is buying that means some very interesting things will happen. He is NOT a Warren Buffet-type passive investor he DEMANDS results immeaditely at whatever it takes. For Instance: (Fortune Magazine, February 2, 1998.) "Michael Price, the fund manager who strong-armed Chase Manhattan into merging with Chemical Bank." (Mutual Fund Magazine) ÿThe Price System Other funds boast splendid records, but Price's approach is unique among fund managers. "You'll never find a fund that does what we do," Price says flatly. He may be right. For starters, Price has achieved his superior returns despite trailing the pack in bull markets, which have prevailed for much of the past decade. Most funds that have outperformed the market over the past ten years rack up their biggest gains when stock prices soar, then run into trouble when the market tumbles. Not Price's funds. Mutual Funds' rating system gives the three Mutual Series funds with at least five-year records "D" ratings in bull markets. But their "A" ratings in down markets have lifted them to superior long-term performance. If there is one factor that separates Price from the pack, it is his knack for making those deals work. ...Some of Price's investments -- especially those in bankrupt or distressed firms -- are individually risky. But that risk is offset by the fact that the prices of deal stocks tend to move independently of the stock market and one another. Instead, they rise and fall in concert with other factors, such as the progress of a particular merger. Diversification among many deals sharply reduces their combined volatility. (FROM: by Scott Burns) Mr. Price, whose face recently adorned the cover of Fortune Magazine with the headline, "The Scariest S.O.B. On Wall Street" because his large positions in major companies have forced mergers and put CEOs out of work, is quick and direct in his answer. (NEW YORK, Oct. 20 /PRNewswire)/ -- FORTUNE has learned that Michael Price -- who owns more than 6% of Dow Jones stock, worth some $225 million -- has drawn up a bold plan to merge the embattled publishing company with the Washington Post Co. and bring in Warren Buffett's Berkshire Hathaway to provide additional capital. ''Michael Price Has a Plan for Dow Jones,'' by Andrew E. Serwer, appears in the November 10 issue of FORTUNE. Price, who has a reputation for forcing companies to take action to enhance shareholder value... (FROM: Business Week) Michael Price, who runs Franklin Mutual Series Fund. He has 2.8 million shares, a 2% stake. Is Woolworth, now at 21, a buy? Price wouldn't comment on his purchase. Says Gregg Hymowitz of Entrust Capital: ''We believe Price sees what we have perceived--a stealth kind of restructuring at Woolworth that the market has yet to recognize.'' OVERALL, Shareholders should be happy but Wiggins may be very unhappy.

To: Raptor who wrote (963)	2/8/1998 12:15:00 AM
From: Pancho Villa	Respond to of 2068

Raptor: Most interesting post. You may be right in your comments. However IMO the short side here is rather risky. Probably you could get in and out quickly and make some money but if any of the takeover stuff materializes you would be in trouble. Long term, these people have a great franchise, they just need to raise rates and they will eventually be fine. Pancho

To: Raptor who wrote (963)	2/8/1998 9:46:00 AM
From: Tony van Werkhooven	Read Replies (1) \| Respond to of 2068

Raptor- I agree with your direction. I suspect that not all the bad news is out wrt the commercial business and that, IMHO, 1998 will be a loss vs the concensus 40cents. At the same time they have the premier franchise in the tri-state area and there is a significant risk in trying to short at this level. I don't see how any potential return can justify the risk--calculate a reasonable value for the franchise on a per share basis. I am too familiar with the health industry pricing cycle to think that this will be a "quick" turn around (in addition to the system problems)- but I am convinced that it will turn around- speed will depend how aggressively management moves on the issues.

To: Raptor who wrote (963)	2/10/1998 10:44:00 PM
From: Raptor	Read Replies (1) \| Respond to of 2068

After wading through two days of posts, without a single bit of analysis other than cheerleading and fantasy visions, I hear a deafening silence on the news tonight...a $100 million bridge loan?? What does this mean? I'm sure they're only days away from a significant equity infusion, so why take on debt? What's the rush? Perhaps it's because this baby is bleeding the green stuff in a big way...The PR campaign here?? Awesome, among the very best I've seen....you take a passive investment filing from Michael Price, same as his group has made in PHSYB and FHS ( two other troubled HMOs), add the names KKR, the Continental Airlines turnaround genius. Who else?? Where's Warren Buffett?? The reality is that this company is evaporating before our eyes....we have no way to know how much cash is being collected, or how much is owed. We know they are undercapitalized, and an insurance company that becomes undercapitalized can become an ugly thing for its equity holders. There is no way a buyer could possibly know what things are worth here, and this ain't like the Rolling Stones' song "Time is on my side"..the longer this ship remains adrift, the less the value of the franchise, as doctors and patients become frustrated. The prospect of sharp price increases won't do much to help the value of the franchise either. Franchise this. Wait! DLJ shows up with a bandaid....a desperate cash infusion.?? Norman Payson?? Do any of you bother to look at the man's background and track record?? He cobbled together some flimsy HMOs, went on a high growth acquisition strategy. He then showed he couldn't manage them after he bought them. Stock collapsed 75% before he sold it to Cigna for a song...just the guy you want to come in and turn around OXHP....hilarious....I believe there is a franchise value here. It's just a lot lower than here. Good Luck. Do any of you have any analysis, a single shred of data which supports a bullish view?? Or just bull market hope??