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Gold/Mining/Energy : CADIZ LAND CO (NASDAQ:CLCI) -- Ignore unavailable to you. Want to Upgrade?

To: Lhn5 who wrote (30)	2/10/1998 4:37:00 PM
From: Dan Packer	Read Replies (1) \| Respond to of 50

What I meant by "encumbered" was that the company has a lot of debt that has been restructured multiple times. These loans are collateralized by essentially all of their real property according to their filing. I was simply looking at the downside to see what would be left for shareholders if they had to reorganize. I always look at the downside first. I always assume that a company will stumble once. I saw in the papers that el Nino should raise the price of field crops. This should be good for growers that are not affected eg. Cadiz valley, however, I was under the impression that these farms were being leased by someone else. However if the total crop is down, then packing business would be off. Obviously I'm over my head talking about ag stuff. I'm not implying 'funny dealing' with suppliers etc. I don't know anything about their contracts for supplies or services. I was drawn to CLCI by its asset base. I hate the capital structure and I see management studded with red flags. Having spent some time on the company as a possible undervalued situation, I watch from the sidelines. There's too much I don't know and I see no margin of safety.