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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (4926)	9/4/1998 3:46:00 PM
From: sonyNchair	Read Replies (1) \| Respond to of 78497

I bought Calton,Inc (CN) on AMEX after Andrew Tobias mentioned it in his Internet Column last month. I paid 5/8 for $1.22 book value in this New Jersey based home builder. On Sept 2, Centex announced it had reached an agreement to purchase Calton's NJ home building subsidiary for $50 million plus assumption of debt and payables of $34 million. Without access to full details of the agreement I calculate a book value for the publicly traded shell remaining of between $1.50 and $1.80 per share, with at least $1.50 being in cash. The last time I checked, CN was trading at $1.00 - $1.06. on huge volume. Tobias indicated in his column (sorry that issue was not available on the Ameritrade site, maybe he will post a link if he does a follow up column) that the retired founder had recently come back to straighten out the problems at the Company. Don't know what future plans are for the publicly traded shell or what if any non-cash assets will remain. biz.yahoo.com