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Non-Tech : Loewen Group -- Ignore unavailable to you. Want to Upgrade?

To: Demetre Deliyanakis who wrote (141)	4/2/1999 9:44:00 PM
From: Glen Gordon	Read Replies (1) \| Respond to of 277

I like reading posts that contradict themselves. First you said that these properties sell for 2-2.5 revenues. If Loewen had revenues of $1.2B last year, then shouldn't selling everything yield $2.4 - 3 Billion? Also, as you know, with funeral homes, the opposite of a bulk discount applies. There is a cluster premium, i.e. if one home is worth $1 Million, 10 homes sold together might be worth $15-20 Million. Consolidating is expensive (Loewen and SRV should know). Using the last sale as a basis for any future sales is nonsense. They had a gun to their head and most of the potential customers were hoping Loewen would be liquidated. Didn't happen and they wont make the same mistake again. SRV, STEI, and LWn will all have better Q1 results (not great but better than Q4), and by Q2 all three will be significantly up in both earnings and stock price. LWN has the highest risk and the highest potential return. Sometime over the next three months, I expect to see STEI buy a block of homes from Loewen for big dollars.

To: Demetre Deliyanakis who wrote (141)	5/14/1999 4:35:00 PM
From: Michael Bidder	Respond to of 277

Demetre your analysis excellent what are you comments of late. ..it would appear that the bonds can be fully paid off,and that there would be little left for the common shareholders.. 1) Are the PATS bondholders? 2) If the PATS refuse to refinance what are their chances for 100 cents on the dollar. 3) Is the ROE for the PATS such that they would want LWN to continue or is the risk to them such that they want to recover now rather than let the company bleed away the equity? Thanks and Best regards, Michael Bidder