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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (1192)	3/15/1998 4:52:00 PM
From: Mr. Pink	Respond to of 18998

Thank you Mr. Harmon for your decency. You shall be place on the FOP list for your fairness. Mr. Pink would like to bring to the attention of all, a company recommended some time ago called Consolidated Freightways, "CFWY". This is one of the major long haul unionized trucking companies competing against YELL and others. The company was spun off from CNF Transport in December of '96 where Mr. Pink started buying at $6.00 per share. Mr. Pink met with the CEO and the head of IR last weak and is favorably impressed with both management and the company's present financial status. There is a gentleman on the CFWY thread who is actually a truck driver for the company and whose insights have been invaluable. The Event: The shares have been depressed due to the abscence of a master labor agreement with the Teamsters Union. Last month an agreement in principle was reached and final agreement should be reached by April 1. The likelihood is high as only one small chapter in California opposes the agreement. Once the agreement is reached the company can then resume its business plan and reinvest in the business again. Valuation The company is one of the cheapest in Mr. pink's universe trading at only about 2.5X enterprise value to '98 EBITDA. The company generates a tremendous amount of cash and could further deleverage by doing a sales leaseback on its substantial realestate holdings. Management is excellent and Mr. Pink believes the company could be sold in the next 2--3 years. Mr. Pink, Keep on Truckin'