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To: Fred Ragan who wrote (8118)	8/11/1998 2:06:00 PM
From: eric deaver	Respond to of 11684

Fred - Not an accountant but I think they received 50MM shares for properties with net resource value of $200MM. I have not seen the contract. But what Jack has said is that they have to state the actual purchase price of the properties as book value on the balance sheet (or something like that). Hence, jhild's valuation discussion. Eric

To: Fred Ragan who wrote (8118)	8/11/1998 2:16:00 PM
From: jhild	Read Replies (2) \| Respond to of 11684

Sorry Fred that doesn't work that way. As far as the books are concerned, it's what was paid, cash in the market. Since it seems that Marc R. Tow, with a web trail of tax lien property purchase activity, has been identified as the source, among others, of these properties, then that basis could be quite low. Maybe not even 1M. Right now that transaction looks like 50M X (.18 to .05) or $9M to $2&#189M to Tow and others. They may be doing quite well regardless of where the stock goes if they have been selling shares already or they ever get any bonds floated.