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To: Gregg Powers who wrote (9403)	3/25/1998 5:14:00 PM
From: Caxton Rhodes	Respond to of 152472

Mexican Auction info in English: This is thanks to my girlfriend who is fluent who sent my questions to their webmaster. Key excerpts below: In response to your email, let me inform you that there is no determined number of rounds. Currently we are in the third and final stage of the auction, which according to the rules of the auction, this will end when in a round there are no presentations or withdrawals of bids; in other words, when there is no action in a round. If you are interested in learning about the rules of the auction, you can consult the Auction Manual that appears in our web page. In our page: 1st step enter "Auctions"; 2nd step "Auctions 1997"; 3rd step "Fixed or Mobile Wireless Access", where you will find, among other documents, the Auction Manual. (En nuestra p gina: ler. paso entrar a "Subastas"; 2o. paso "Subastas 1997"; >3er. paso "acceso inal mbrico fijo o m¢vil", en donde encontrar , entre otros documentos el Manual de la Subasta.) >Los ganadores se conocen siete d¡as h biles despu‚s de terminada la subasta. The winners will be announced seven working days after the auction is finished. >Esperando que sus dudas hayan quedado aclaradas, estamos para servirle. I hope that your questions have been clarified. > >Atentamente, Caxton >

To: Gregg Powers who wrote (9403)	3/25/1998 6:04:00 PM
From: bananawind	Respond to of 152472

OT... OT... Gregg... Japanese accounting does not include mark to market for the PC companies as I understand it. According to what I have read, many of them hold very significant shareholdings in other industrial and financial companies that are carried at (very low) historical cost. In many cases the stocks are selling at significantly less than the market value of these cross holdings. I'm not sure of their reserving practices, but have seen numbers indicating that they have consistently had combined ratio's in the low .90's This is more than can be said for most US P&C companies. Corporate governance issues seem to be the biggest concern I've read about, with some arguing that this is changing rapidly in Japan. This is all second hand and I've done very little original research, but it looks to me like some true net-nets are available. Some pretty well known value players are buying. -JLF