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To: cfimx who wrote (6548)	4/2/1999 4:52:00 PM
From: sjemmeri	Read Replies (2) \| Respond to of 78644

How about HLR as a newspaper biz alternative to JRC? Looks cheaper by some measures (P/S, P/CF) and pays a 4% div. Owns Chicago Sun-Times and many other papers in US, UK, Canada, and Israel.

To: cfimx who wrote (6548)	4/2/1999 4:54:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78644

Over on Hvide Marine's board, the Altman bankruptcy predictor was used to predict "near death" for HMAR. I responded that the quantitative model was neat but that I could tell the same by the SEC forms and some common sense. I'm no fan of models like these either. But Bob's point about JRC is relevant I think. You have a stock of a company that is run in Draconian fashion, and the papers generally suck. How many of these papers really have a monopoly in their little town? From the Yahoo board, which is a pretty emotional place, one would think that these things are getting run into the ground. But not having been to these towns I don't know. And with the stock making steady new lows, it's worth it to let it go, see how far it falls. On another note, I see that Anchor Gaming (SLOT) and IGT are falling in response to pending legislation and decreases in casino builds. I'm preparing to buy both. The logic behind their falls just doesn't hold. It seems to me that IGT, even if it were forced to sell machines, could just charge huge prices for them to reflected discounted future cash flows. They own over 70% of the market. SLOT just looks too good to be true, although I'd like more insider buying. I expect a pretty good bounce once the legislation is out of the way and done with, no matter how it goes. And it is already watered down. Mike

To: cfimx who wrote (6548)	4/2/1999 5:06:00 PM
From: James Clarke	Read Replies (2) \| Respond to of 78644

Bob, I would love to see this bankruptcy predictor formula too. I tend to be very conservative when it comes to bankruptcy candidates - I don't go near them. I'd be interested in why this one screens so well with me and Twister and so bad with that formula. You are onto something with the CEO's "pennywise and pound foolish" cost cutting. The guy is quite a character. He may indeed reuse toilet paper. While I have no sense that he is overpaying for acquisitions, I have no doubt the guy pisses people off at the papers he acquires then guts. And I got the sense when I read the Yahoo thread that its the same five ex-employees griping over and over again. He's also got a CFO who is much more conservative and very smart. I think she and the majority owner (Warberg Pincus) will keep the CEO from doing anything too stupid. So far, though, I have a hard time questioning any move he's made. But I agree with you, it is a concern to keep in mind and bring to the attention of anybody looking at the stock. Regarding the internet, JRC's papers have internet sites, and the company claims their internet business is profitable. They're going into the internet, I believe, to play defense - just in case it becomes an issue they would be the natural one to take that market too because it is tied to the same advertisers and the same content. The risk to a good local paper from the internet, if there is one, is that they fall asleep at the wheel and somebody gets in in front of them. JJC