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

To: Mr. Pink who wrote (2463)	9/2/1998 9:07:00 AM
From: BRANDON EOFF	Respond to of 18998

Any thoughts on NATI ?

To: Mr. Pink who wrote (2463)	9/2/1998 9:48:00 AM
From: Doo	Respond to of 18998

Mr. Pink: Would you be so kind as to restate your current ratings for short candidates in play? Looking for out of the money puts, so I'm particularly interested in Triple Turds w/Flies issues. Sorry to ask, but the noise on this thread is deafening. Respectfully, JW

To: Mr. Pink who wrote (2463)	9/2/1998 9:53:00 AM
From: Mama Bear	Read Replies (2) \| Respond to of 18998

Mr. Pink, have you an opinion on PRD? It strikes me as being a buggy whip company in the early 1900s. Barb

To: Mr. Pink who wrote (2463)	9/2/1998 12:16:00 PM
From: carnivore	Respond to of 18998

A question for Mr. P on one of his areas of expertise: thrift mutual to stock conversions. About 9 months ago, I read Roger Lowenstein's article in "Smart Money" regarding thrifts that had done partial conversions. I see the logic of how under GAAP EPS and BV/Share at the mid-tier MCHs are dramatically understated, and I was thinking that with the sell-off in the bank stocks there might be some nifty ideas here. Here are my questions: --When the second step of the conversion is announced, what are the odds that the deal actually happens? Is there a big risk that the deal happens later than anticipated? --Are the deals generally valued at the high end of the range submitted by the I-bank and appraiser? Wouldn't management, who already has stock from the first step conversion, be incented to price the second step higher rather than lower? Are the second step offerings always way oversubscribed? --How do the mid-tier MHCs trade versus book both right before and right after the second step conversion? Is there typically a spike in price right after the second step offering? --What kind of premium to Book would an acquiror pay for such unlevered equity after the second step conversion? How long does it take for the thrift to "digest" (make new loans & increase branches) the new equity after the second step? Thanks in advance for your attention to this post. I've been reading this thread for the past few months and admire your style. -C.