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

To: Mr. Pink who wrote (1504)	5/11/1998 4:18:00 PM
From: maurice18	Read Replies (1) \| Respond to of 18998

Thanks for your looking at axr. Indeed real estate is thousands of acres in New Mexico from tens of years ago and book value is a fraction of FMV> Also, chairman and major s/h is old, tires and disppointed that his shares are so low. He owned the magazine fulfillment business privately and backed it itno the public building company. I wonder if a deal could be made to spin back the magzine fulfillment to him and then sell the building company to a Lennar or other well run builder. I also understand that they recently restructured the building division and made it more efficient. For example, in the past, they would put in the infrastructure (roads, sewers, etc.) even if they only sold one buildng in the industrial park. Now they only build in clusters. Conclusion: If Michael Price bought in, I would follow him in a second because he would wring the true value out. Recently, some mutual funds have started to accumulate shares as evidenced by sec filings. I think its one to watch. Regards,