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Microcap & Penny Stocks : SHOW (NASDAQ-regular)----Showscan Entertainment -- Ignore unavailable to you. Want to Upgrade?

To: M. Frank Greiffenstein who wrote (19)	6/23/1998 6:39:00 PM
From: Trippi	Read Replies (1) \| Respond to of 95

DocStone -- You are correct about book value -- but the film library value is based on the value of the film on a SHOWSCAN screen (few) not on what the film would do with larger circulation. Also with film accounting values on films sitting in a library are not easily quantified -- If Everest had been produced by SHOWSCAN (with so few screens and no ability to generate PR) we wouldn't know the film "Everest" existed. What would the value of Everest be if it was in SHOW's film library? Certainly not the value it currently has on IMAX screens. Next question -- what would the value of Everest be after IMAX got it cheap from the SHOW vaults and then put it on IMAX screens. I wish I remember where I read this but when I was doing my early DD on SHOW there were over 10 films with production costs in the $1 to $2 million dollar range -- Show recently announced a $4.3 million film production schedule for 3 custom films. Assuming 13 films in the library or in production with aggregate production costs of $14 million to $16 million -- that's money IMAX doesn't have to spend on production. Three or four of those films had a great per screen take (the money a film makes per screening -- Everest for example makes more money per screen than Titanic made but ran on far too few screens to make it (the same reason Titanic can't make as much money as Titanic even if people wanted to see it 3 or 4 times). My point is that if one of those films was a moderate hit on IMAX screens it would be worth a lot more than it is currently booked on SHOW's accounting sheets -- I already said that I have a hard time quantifying the true value of SHOW's film library to IMAX -- but I believe it is subtantially higher than the $1 currently booked. I think it is closer to $3 to $4 a share. And if IMAX thinks there are one or two potential moderate drawing films in the library (and I think there are a few) it could be much higher -- The question is -- is IMAX really looking at the company -- cause if they are -- I think they will see a good fit -- and at these prices a very cheap fit -- shareholders would jump at a $3 to $4 dollar offer -- and cry for joy if they got a little more. If IMAX takes a pass it will be a long walk in the wilderness before SHOW has enough screens to make it on its own. Trippi

To: M. Frank Greiffenstein who wrote (19)	6/23/1998 8:14:00 PM
From: Bullhorn	Respond to of 95

Thanks Doc for the DD, Loved the SHOW this AM before I went to my real job. Bullhorn