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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (1257)	3/20/1998 7:00:00 AM
From: Madharry	Respond to of 22640

Mike my recollection is that when I tried to do a value comparison I came up with about $180. That does not take into account either a control premium, the once in a lifetime opportunity for this gem of a telcom, or the acceleration of revenues and income as a result of greater efficiencies. Plus If I understand this right there will be bids on each part of TBR and usually the sum of the parts is worth more than the whole. So I do not believe that $250 for the controlling interest is particularly farfetched, although it is at the upper limit of my estimate, and the non-controlling shares are worth less so my current estimate is $225 in 1-2 years. I am unclear about one aspect of this. Are they going to solicit the bids first or trade the separate companies first and will TBR continue to trade? My personal concern is getting with all sorts of charges from my broker on the re-org. Does anyone know what the reorg charges will be at their brokers? Perhaps we should have a price comparision chart?