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To: still learning who wrote (1542)7/23/1998 1:01:00 PM
From: John Arnopp  Read Replies (1) | Respond to of 4467
 
Thanks,

I'll make those changes tomorrow. I believe the BDN shares are split up between common and the warrants, as I've shown them, but do you have info. that suggests they've exercised those warrants?

If so, then the BDN shares would add the full share value, and not just the difference between the share price and the warrant price. (Of course, the strange thing is the cash gets lost in all of this--in theory they could borrow the money to exercise, be no better off, but increase their NAV. That's the weak spot in all this NAV stuff, but it's the best we can do, I think.)

Thanks again,

--John



To: still learning who wrote (1542)7/23/1998 1:05:00 PM
From: still learning  Respond to of 4467
 
Well the big 3 "Cs" are cranking today (at least CATP and CCSC)

$40 mm added to NAV in one day.



To: still learning who wrote (1542)7/25/1998 12:17:00 AM
From: John Arnopp  Read Replies (2) | Respond to of 4467
 
All,

NAV at $36.15, so only a $0.48 premium now. I increased the number of shares slightly (to the fully diluted number) and added 2 very small holdings (MKRS and NWRE), both thanks to "still learning."

Have a good weekend,

--John


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