Forum Archive Index - March 2001

["David Ling" <seechoke@hotmail.com>]

Greed drove AQL to 24 cents during the Eric Watson/IT inspired boom. Those 
punting on the stock now are hoping that Mr Watson and his money-men will 
somehow produce some magic dust and create wealth out of a shell!

Several issues to consider :

1. Shells are a dime a dozen at present - there's BDO, National Mail, 
Eforce, Manor Inns to name but four. Roller International was put into 
liquidation - last year the majority shareholder was offered Millions for 
the shell!

2. Someone wanting a shell will look at the complex shareholding structure 
(Eric Watson, Oregon Forestry, Peter Masfen, Ken Whiteley etc)and wonder how 
likely they are going to be an agreeable bunch to deal with.  Easier to go 
for a clean shell.

3. The managers of AQL (Ken Whiteley and John Sorenson) are failed 
businessmen - pouring millions of investment funds down the drain (aquariums 
in China charging US$15 a pop - humbug! Majestic Tower in Wellington after 
the 1987 Crash!).  Good at creating illusions - hopeless at creating wealth 
except for themselves.

4. Eric is more pre-occupied now with salvaging what remains of his main 
investments in Advantage, Pacific Retail and Metlife than worrying about a 
miserable shell (given 1 & 2 above).

Punt the stock by all means but remember, you are relying on the greater 
fool theory to make $ from this puppy.
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