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


To: Michael Burry who wrote (5405)12/9/1998 11:09:00 PM
From: Paul Senior  Respond to of 78751
 
Re: SWR. Yeah, now I see it too. Dirty, rotten crooks -g-. But of course, they have "independent" directors and Paine Webber (their investment advisor) attesting to the fairness of the deal. Insiders were buying in 1997 and 1998 at prices roughly between 11 and 16, yet now they think fair price to offer for the whole company is $9.50-- a 39% premium to the current price. Not a fair price to me, but a very fair price for them. Too bad for me; I'll just have to take my lumps on this one.
My favorite story (per CNBC) today though, would be the St. John's Knits buyout offer. Insiders take company public, apparently sell lots of their stock after stock has run up to $60; stock drops, so now they come back in as buyers using that cash to take company private at around $30. Always liked that ploy -g-. But it does hurt when I'm the victim :>(