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To: Randy McWilliams who wrote (4343)	9/5/1998 10:49:00 PM
From: BWAC	Read Replies (1) \| Respond to of 6565

Randy, Re the book value of the property plant and equipment. The value already has been somewhat cut into through depreciation. The depreciation reduces the value of the asset recorded on the books. Mr. Mehta indicated that on average the equipment was 2 1/2 years depreciated on a 5 year schedule. Building and property have also been depreciated on the books, but in all probability have actually appreciated in market value. Mr. Mehta indicated also that he would estimate this market value over book recorded value would add about $1 per share to overall book value. So take the $12 book value and add 1 for 13.

To: Randy McWilliams who wrote (4343)	9/8/1998 11:31:00 AM
From: Hashem Akbari	Read Replies (1) \| Respond to of 6565

Randy, 1. The book value is the sum of net cash (+equivalent) and the undepreciated assets minus liabilities. It is NOT the current market value. You can always estimate a low for book value, (and perhaps a high). But the value is practically useless and has no meaning. 2. The only reason that one would look at the current market value of a company is for a take over bid (or stealth takeover). If someone was interested in buying the company and breaking it to pieces and sell, then that person probably would make more than $13 per share. The big question here is the compensation of the laid-off staff; that might be very expensive. SO THE COMPANY WILL NOT BE BOUGHT AT BOOK VALUE UNTIL IT DECLARES BANKCRUPCY! At this juncture in time that is not highly possible. But it would only take a few Qs of bad management to make a profitable company into a .... Regards Hashem