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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Scott Mc who wrote (3772)	4/8/1998 1:40:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78530

Scott, Could you elaborate on UIS management and the EAGL converts? I was asked to write a story on UIS at 15, but refused so they got someone else to do it. A lot of people keep mentioning it to me but obviously the key is management and the aggressive debt reduction. And I don't know management. I need a whole world of education on converts, but could you break this situation down briefly please? Thanks Scott. It's absolutely great that you post to this thread. Mike

To: Scott Mc who wrote (3772)	4/12/1998 4:58:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 78530

When does eaglg become callable? If you received uis stock on the conversion of their bonds you know quite well that buying in the money bonds can be a losing proposition if the company decides to call and you have invested into bonds which are offered at a premium to conversion price. My Ibd shows convertibility price of eaglg at 18 which means bond now has 14% premium to conversion with bond price at 114. You might wish to look at ach 7.5%/01 convertible for reasonable chance for rise above current 101 price should market drive up price of common. Solid assets of this REIT make it very safe as an interest play,which is how I view it. For a speculation,albeit a reasonable one, you should review hechh. Greene and company bought out the Hechinger family interests and also acquired K-Marts builders square unit. Combined, this is the third biggest entity in the sector. Two positive writeups were made the Washington Post in the past two months . Greene and company have been very successful in their turnaround efforts in the past. After 6 months still without positive cash slow but company has never missed a dividend on the bond, last paid on April 1. About 67 million in cash assets and 110 million in hidden assets on books because bonds are carried at full value but are trading at only 40. I am speculating that positive cash flow will be reached in next year and that bonds will be priced closer to their ccc rating, about 70. If I am right the return to hold will be 14% on basis of dividends and 75% on price. High risk but possible returns warrant a look.