Forum Archive Index - October 2000

["Talacek, Philip " <pjt57@elec.canterbury.ac.nz>]

At the risk of pissing some individuals off I'll give my two cents worth.
First I feel those angry that about the FFS situation should take a step
back and ask "Why did I buy FFS?".   I think the answer to that question for
those complaining is having seen what happened to FLP, thought they had the
opportunity to make a killing and make it fast.  They were bought on the
greater fool theory as opposed to a detailed study of FFS (which if it had
occurred would reveal the NTA is no where close to the $1.60 commonly
mentioned as CNIP is an associate was off balance sheet and hence it's debt
was hidden, I think?).  Now people seem to be screaming the injustice done
to them by Rod Dean.  In my opinion he did the right thing, as a long term
shareholder in a company I would be livid (to the point of going postal) if
the board made decisions based on the interests of the short term traders
(who have no actual interest in the company) at the expense of long term
stake holders.  For instance if Dr Dean came back and said they had sold TEL
for $9.00 a share I would oppose it despite the fact I would stand to make a
killing in the short term; long term I have an opinion on what it is worth
and it isn't $9.00 (this post isn't to debate the merits of that view).  My
point is if you are not happy to have a small stake in what you buy for the
foreseeable future, than why would anyone else?  Therefore I think
individuals are unjustified to complain when no "fool" turned up, and the
directors (quite rightly) choose at act in the best interests of those who
have an long term interest in FFS.

Philip Talacek

Disc Don't hold FFS 

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