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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (29531)	7/3/1998 12:20:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

Joan, I think the street hates the fact that they are putting in poison pills and making themselves very unattractive as a merger play. As an operating co., they are still a wee bit pricey, IMHO. I like it when the dividend is about 60% of the T-Bill rate. MB

To: Joan Osland Graffius who wrote (29531)	7/4/1998 8:52:00 AM
From: don ryndak	Read Replies (1) \| Respond to of 132070

Joan, I took a good look and position in pzl. Although they have been a poor performer of late, there stock price having fallen from 84 with a busted buy out by (santa fe?). When i found information placing valuation of oil and gas ($35-46), motor oil ($16-23)segments, it seemed that they were at least at the low end and therefore probably had much smaller downside risk at this price ($52). what really made me buy the stock was 1. the merger with quaker oil, would create a market share leader in the quick lube arena, 2. they were getting ready to spin off the oil and gas side. The thinking behind the oil and gas spin off was that PZl's ceo, cfo and others were going to go with the new mtor oil company rather than staying with the much larger gas and oil portion. Thus some where along the line they had to get back to that $84 dollar price that they spurned. I think that it is all relative to the price of oil and if some larger oil company wants to buy out proven oil reserves for the cheap. From what I can find, it appears that PZL was either a terrible exploration company or just had a big cost structure, but anyway, all of a sudden they are generating lots of new oil finds which seems to be the dressing up factor. I figured that I would buy, collect a little dividend and and see how this played out. so Joan, there is one man's opinion. Hope it is helpful to you. don ryndak