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

To: James Clarke who wrote (6205)	3/5/1999 10:29:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78470

Called Midway. Here's my understanding: As part of its spin-off, Midway had an agreement with the IRS to offer 1 million shares. The spin-off was last April. They have already offered 750,000 to employees. They waited but the stock price never recovered and now they have to offer these 250,000 shares at current low prices. I get the impression they'd rather not. BUT the IRS required them to offer these shares prior to any acquisitions. Acquisitions are not necessarily in the works (although one has to wonder), but MWY wanted to get this out of the way. I clarified that this does not affect or reflect on their current buyback, and MWY agreed with that statement. Overall, this puts me at ease, but represents a terrible blunder by the company's PR by not putting out a more informative press release. That is, unless an acquisition is being sought and they want everything under wraps. Mike