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Strategies & Market Trends : Resource America (REXI) -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (146)	10/7/1998 8:41:00 PM
From: A. Geiche	Read Replies (2) \| Respond to of 220

<<I believe REXI management has failed to act as a fiduciary to the company & the company shareholders>> C'mon, mafioso, as a pinkish scum bug, you believe only in $$$$$. A. Geiche

To: Pluvia who wrote (146)	10/7/1998 9:08:00 PM
From: Kip518	Respond to of 220

FOCUS-Resource America hit with a $15 a share bid Reuters Story - October 07, 1998 20:44 By Suchita Nayar NEW YORK, Oct. 7 (Reuters) - Specialty financial concern Resource America Inc. received an unsolicited offer from Radcliffe, Mitchell and Weiss of $15 per outstanding share, or about $302.85 million, based on its outstanding share price on Sept. 9, the company said on Wednesday. Very little is known about the Resource America suitor except what it disclosed in its own statement: "Radcliffe, Mitchell and Weiss is an investment firm with interests in real estate and other investments." Roy Nazaroff, the managing director of Radcliffe, told Reuters he could not immediately disclose more information about his company other than what appeared in the statement. But he did confirm they are based somewhere in New York state. In its statement, real estate and energy financier Resource America said it is, "endeavoring to learn more about this offer," which is intended as a "friendly transaction" by Radcliffe. A company spokeswoman was not able to provide any information about the offer, or about Radcliffe. Since Aug. 19, shares of Philadelphia-based Resource America have plunged over 77 percent, dropping to $8.31 at Tuesday's closing. The company said in a statement on Aug. 24 that it knows of no reason for the steep decline. Resource America shares bumpy ride continued on Wednesday. The share surged 65.5 percent to $13.75 in morning trading on the Nasdaq, but then pared most of its gains. It was trading at $8.13, down 25 cents in late in the day. A "fairly large" shareholder of Resource said it is hard to evaluate the offer since it nothing is known about Radcliffe. "No one knows if this company can even afford to pay for the offer," she told Reuters. But this source, who has known the Resource management for years, is not surprised by the timing of the "unanticipated" offer. "The stock is under pressure due to short-selling," she said. "But their basic business is fine. Actually, its better than fine. Its outstanding. So someone obviously saw value in this company." She added that she is not sure where all this is going to lead, but is assured that the Resource America management will act in the best interest of the shareholders as they have always done before. Resource America was founded in 1966 as a regional natural gas and oil operation. Since 1991, it has metamorphosed into a niche company engaged in real estate financing and equipment leasing. Its 1997 market value was $278.7 million.