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

To: DavidD who wrote (2195)	8/26/1998 10:27:00 PM
From: Yamakita	Respond to of 18998

URSI fell another 18% today. It still looks wildly overvalued in the 10s, with its book value of less than $.50. This has gone off a cliff from the high 20s a few weeks ago. Tow trucks!

To: DavidD who wrote (2195)	8/27/1998 9:42:00 AM
From: David Semoreson	Respond to of 18998

Thank you for the thoughtful response; rare amongst Pink-o-files ? >>Thanks, I just read your other post on MRVC. I will be very careful now that I've seen your analysis. But going long is still a very tough call because the issue now is management credibility.<< There is no issue of credibility that I know of. They have a very respected accounting firm and are following GAAP. Pink suggest an SEC revision, which may be correct, but doesn't call credibility into question. These guys have delivered the technology, sales and profits for 33 consecutive quarters of strong growth. >>When do you think or expect any accounting adjustments to be made?<< This a question for Pink to answer. >>IMO this is critical information.... I really am interested in the timing of any adjustments, do you have any ideas on this?? << There is some chance that this will happen, but no certainty unless Pink has inside-SEC info. If it happens in the context of many others, the response will be muted as they are only a slight offender and the impact on earnings is relatively small. If it doesn't happen, the events I expect to happen in the next 6 weeks will generate serious upward momentum, and that will cause massive short covering generating more momentum (there are 9 days volume short outstanding!). With MRVC in the high-twenties a short might make sense; at $17 you are looking for a chance of a couple of dollars versus a massive upside move .... and Pink will cover before he tells you .... Pink, you are uncharacteristically quiet. Do you want to comment on any of this? ** David