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  • JJEFFREY98 JJEFFREY98 Jan 13, 1999 1:53 PM Flag

    Research Rpt.

    Sorry to take so long in getting back to
    everyone. Kim, was nice enough to FAX me a copy of the
    January 8, 1999 "Wasserstein Perella Secuities" - Strong
    Buy recommendation on ISLE. It is (3) pages so I'll
    give some highlights. For those of you who want the
    entire report their 800 number is
    800-374-1474.

    Here goes: "We continue to believe the secondary
    markets offer the best growth prospects in the gaming
    universe. ISLE is a pure play in secondary
    markets."

    "We consider ISLE a speculative small-cap company
    because of its high debt/capital ratio of 70.4% and
    interest coverage of 1.8X. However, the company should
    start to generate over $1 per share in free cash
    starting in 4Q99 (April fiscal year,...." "Our 1999 target
    price for ISLE is $7.50...."

    RISKS..."Highly
    leveraged...increasing competition...aggressive development
    plans."

    REASONS to BUY..."Solid assets in growing
    markets...free cash flow expected to be $0.79 in FY2000 and
    $1.98 in FY 2001...undervalued..."

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • "Vernon Jordan is a busy man, but he is never too
      busy to help a friend, whether it is a President or a
      young woman trying to start over."))

      Editor's
      note: skips from bottom of page 3 to top of page
      46.

      "Finally, that brown furry fellow sitting up there on
      Barbra's lap is probably familiar to you. It has been
      said, `If you want a friend in Washington, buy a dog.'
      Well, Buddy has been that to me, through times good and
      bad. Yes, I had him neutered. There were some who
      said, `They are neutering the wrong White House dog.'
      But I could not allow politics to influence my
      decision.

      "Now, some of our friends on the other side of the
      aisle want to have me neutered. Well, if that's what it
      will take to put this thing behind us, all right,
      fine, so be it [BETHESDA NAVAL STAFF EXTREMELY NERVOUS
      ABOUT THIS, BUT HRC VERY ENTHUSIASTIC]. Whatever it
      takes, to get the work done that the people sent me here
      to do.

      "And so, good night, God bless, and
      God bless America."

      Sincerely,

      ByVolume

    • State of the Union, Take One -
      ByVolume

      Wall Street Journal; New York; Jan 19, 1999; By
      Christopher Buckley;

      The Wall Street Journal has
      obtained a draft text of President Clinton's State of the
      Union Address.

      "Mr. Speaker, distinguished
      members of the House of Representatives, exalted
      Senators, Mr. Chief Justice [ADD SOMETHING ABOUT INCREASED
      FUNDING FOR BAD-BACK RESEARCH?], members of the Cabinet
      and Joint Chiefs, fellow Americans,

      "We meet
      together in this ((historic)) [CHECK IF THIS IS WHERE THEY
      TRIED JOHNSON; CHANGE TO `BIG'] chamber. I can report
      that the State of the Union is ((terrific fabulous
      could be worse sound)) pretty good, considering. In the
      six years since the American people [PRAISE THEM FOR
      CARING ABOUT THE `REALLY IMPORTANT THINGS'] voted for a
      change, we have created over 10 million jobs [DOES THIS
      FIGURE INCLUDE WJC'S LEGAL TEAM? IF NOT, CHANGE TO `12
      MILLION']. And I can report that today, we are at peace
      [OPERATION DESERT WEASEL MAY BE UNDERWAY; IF SO, CHANGE `WE
      ARE AT PEACE' TO `THE COLD WAR IS STILL
      OVER.']

      "Today, more elderly senators are being sent into outer
      space to study the effects of weightlessness on bone
      density than at any other time in our nation's history.
      [STILL WAITING TO HEAR FROM LOTT RE OUR OFFER TO SEND
      THE ENTIRE SENATE UP IN SPACE SHUTTLE]

      "But
      proud as we can all be about these achievements, there
      is work still to be done. ((The Office of the
      Independent Counsel must be abolished. We must make it harder
      for citizens to tape record their phone conversations
      with their friends. Social Security must be saved.
      Unfortunately, some say that this can only be done by making our
      wonderful senior citizens eat cat food.)) [MIGHT ANNOY
      SWING DEMOCRATS: CHANGE TO `WE CAN DO THIS BY RAISING
      TAXES ON CIGARETTES TO $50 A PACK.' OR `BY ASKING FOR
      MORE MONEY FROM THE CHINESE MILITARY.']

      "But we
      must do this together. That is why, tonight, I have
      appointed Colin Powell [HAS ANYONE CONTACTED HIM?] to head
      up a bi-partisan commission. It will be called
      `President Bill Clinton's Bi-Partisan Commission to Save
      Social Security Without Making The Elderly Eat Cat
      Food.' [CHECK HOW MUCH PURINA PAC GAVE TO '96
      CAMPAIGN]

      "When last I spoke to this august body [RUFF WORRIED
      ABOUT `BODY.' `ASSEMBLAGE'?], I said that the people of
      this great nation did not send us here to pursue the
      politics of personal destruction [CANNOT FIND THIS PRECISE
      REF IN '98 SOTU. CHANGE TO: `MAKE SENATORS SIT IN
      SILENCE FOR UP TO SEVEN HOURS A DAY WITHOUT BEING ABLE TO
      GO TO THE BATHROOM'?] ((The incredibly wonderful))
      [PANDERING? CHANGE TO: `SUPERB'] people sent us here to get
      the job [RUFF WORRIED BY `JOB': CHANGE TO `TASK']
      done.

      "But [RUFF WORRIED BY `BUT.' `ON THE OTHER HAND'?] as
      Lincoln said, `You can fool around with some of the
      people some of the time, but you can't fool around with
      all the people all of the time.' [IS THIS EXACT
      QUOTE? CHECK WITH WH LIBRARY].

      "All that we have
      accomplished would not have been possible without the hard
      work of genuine American heroes. Tonight, some of them
      are in the gallery tonight [ALERT TRANSPORTATION
      OFFICE THAT WE WILL NEED EXTRA BUSES] with us, and I
      would like to ((yield back the balance of my time))
      acknowledge them.

      (("Ron Perelman is head of Revlon
      Cosmetics. The year before last, Revlon instituted a
      fast-track program of hiring young women right out of
      government with no prior experience of cosmetics other than
      applying them to their faces.

    • But finding a better-sounding story isn't easy.
      The string of disasters midwifed by the global money
      managers since 1997 is reflective not only of misjudgments
      but of a fatal flaw in the existing "architecture."
      Mr. Clinton had the words right in September, he just
      didn't know the score. Either new architecture or no
      architecture at all is needed. But a president who spends most
      of his working hours figuring out how to buy votes
      with public money is not likely to be very critical of
      a multilateral agency that does pretty much the
      same thing. It subsidizes two very influential
      constituencies, international bankers and the profligate
      politicians who preside over such places as Russia, Indonesia
      and Brazil.

      These bankers and politicians got
      the IMF's number a long time ago. They knew that
      institutions, like natural organisms, fight for
      self-preservation. The IMF keeps itself in business by winkling
      money out of rich nations such as the U.S. and handing
      it out to the poorer brethren, who usually are poor
      because of gross economic mismanagement. In this age in
      which income transfers are deeply imbedded in politics,
      the IMF doesn't lack for clients.

      What is
      absent is any convincing evidence that this has made the
      world a better place. Africa appears to be regressing,
      despite the billions poured into it by the IMF, U.S. aid
      agencies and the World Bank. Asia, acting partly on IMF
      and Treasury advice, took a big step backward, in
      terms of living standards, with the 1997 devaluations,
      as did Mexico in 1994. The Brazilian and Russian
      governments, living well beyond their means, were shielded
      from reality for far too long. The people in such
      places now must pay a price and their politicians will
      blame everyone but themselves, including Bill Clinton
      and Michel Camdessus.

      The IMF has proved that
      it is impossible to get good conduct from
      politicians by subsidizing their bad conduct. President
      Fernando Henrique Cardoso made himself very popular when
      he killed hyperinflation and gave his country a
      solid currency with the Real Plan. But he didn't follow
      through by reforming government itself. Had there been no
      international safety net supplied by an act of Congress, he
      might have seen fit to work harder. There should have
      been plenty of evidence around that a monetary policy
      alone cannot compensate for governmental
      indiscipline.

      So it's back to the drawing board for the U.S.
      Treasury and the IMF. Will they really come up with some
      new "architecture" this time, something like going
      out of the global management business? Don't count on
      it.

      Sincerely,

      ByVolume

    • What Happened to That `Global Architecture'? -
      ByVolume

      Wall Street Journal; New York; Jan 19, 1999; By George
      Melloan;

      When Brazil devalued the real last week,
      the folks in Washington who claim responsibility for
      global monetary order were uncustomarily silent. One is
      tempted to say there was stunned silence, but that would
      imply that Brazil's move came as a surprise to Robert
      Rubin and Lawrence Summers at the Treasury and Michel
      Camdessus at the International Monetary Fund.

      Surely
      it didn't, but there was another very good reason to
      keep quiet. Brazil had been a test case for that new
      global "financial architecture" that President Bill
      Clinton proclaimed to the world last fall. The real's
      collapse made abundantly clear what some of us had assumed
      when we heard Mr. Clinton's speech to the Council on
      Foreign Relations in September: The promise of a "new
      architecture" was just more Bill Clinton hot air.

      Of
      course, the hot air had a purpose, as do all of Mr.
      Clinton's skillfully crafted orations. He wasn't striving
      for "new architecture" as he claimed, but rather
      trying to save the old architecture, which was in danger
      of collapse. Specifically, he was trying to persuade
      Congress to cough up more money for the tottering IMF. The
      Brazil gambit was one of the arguments employed. If the
      IMF were not refinanced, it could not bail out Brazil
      and Brazil would go the way of the Asian tigers, with
      serious repercussions for the U.S. and world
      economy.

      Well, Congress succumbed in October and a grateful IMF
      handed Brazil a $41 billion IMF package. But Brazil went
      the way of the Asian tigers anyhow. It reminds one of
      the old 1960s joke about the guy who was warned that
      if he voted for Barry Goldwater for president, the
      U.S. would soon have a half-million men in Vietnam. He
      did anyway, and sure enough, the U.S. soon had a
      half-million men in Vietnam. A similar outcome awaited the
      congresspersons who were warned that Brazil would have to devalue
      if they voted against the IMF
      refinancing.

      The only new architecture was a more generous IMF:
      Instead of waiting until a country ran out of foreign
      reserves before mounting a bailout, it would act before
      the coffers were empty. Brazil still had some $45
      billion in October when the IMF proffered its new credit
      line and dispatched a $9 billion first tranche. This
      was supposed to show the markets that Brazil could
      easily defend its admirable Real Plan, which pegged the
      real to the U.S. dollar but allowed a very gradual
      devaluation.

      The markets were not impressed. What's a lousy $54
      billion in a global foreign exchange market that turns
      over at least $1.5 trillion every day? The only people
      who were impressed were Brazilian politicians, for
      whom $41 billion looked like a lot of money, quite
      enough for them to go on merrily spending as if there
      would be no tomorrow, funding welfare programs and
      pork-barrel projects. The markets, instead of looking at the
      IMF bailout, were looking at the behavior of the
      politicians, the swollen Brazilian budget, its vast and
      heavily featherbedded public sector and its $300 billion
      in debt that was compounding rapidly because of the
      high interest rates the central bank was using in a
      vain effort to defend the Real Plan.

      The
      silence at the Treasury and the IMF last week was surely
      because those institutions knew that they had sold
      Congress a bill of goods. This was not a time to bluster,
      but rather a time for damage control. Francisco
      Lopes, Brazil's new central banker hired to do the dirty
      work, had ill-advisedly declared that the devaluation
      was consistent with the IMF deal last October. That
      must have embarrassed Camdessus and company, who have
      taken a lot of flak for promoting those disastrous
      devaluations in Asia. Mr. Lopes and Brazilian Finance Minister
      Pedro Malan were summoned to Washington, perhaps to try
      to help Mr. Camdessus, Mr. Rubin and Mr. Summers
      work out a better-sounding story.

    • The Top 10 Mistakes IRS �
      ByVolume

      http://search.washingtonpost.com/wp-srv/WPlate/1999-01/17/161l-011799-idx.html

      The Top 10 Mistakes
      By George Hager

      Sunday,
      January 17, 1999; Page H07

      According to the IRS,
      only about 11 percent of taxpayer-completed paper
      returns contain errors, which seems a rather astonishing
      achievement given the ever-increasing complexity of the tax
      code.

      But the consequences of even the most innocent error
      can be painful. Something as seemingly
      inconsequential as a single flubbed digit in your child's Social
      Security number will cause the IRS to disallow the
      exemption for that child, lowering your refund or turning a
      refund into a tax bill until you and the IRS can
      straighten it out.

      Please print & read the entire
      article

      Sincerely,

      ByVolume

    • Nostradhombre � No stra d hombre-
      ByVolume

      There is no street by friend (No stra d
      hombre)

      Malaysia may cut oil production.
      by: Nostradhombre
      1109 of 1109
      The way their Prime Minister
      announced the news, it sounds like a done deal.

      --------------------------------------------------------------------------------
      Posted: Jan 19 1999 9:05AM EST as a reply to: Msg 1107 by
      ByVolume

      ByVolume: Malaysia is broke. What they
      say and what they do is quite
      different.

      Sincerely,


      ByVolume

    • The way their Prime Minister announced the news, it sounds like a done deal.

    • South Pole (GLM frustration) - North Pole
      �ByVolume

      There is only one real sarge/y2k ofcourse--- sir by:
      rbriller GLM message 10281 of 10281 what do you make of
      all this news, do you think glm will finally get
      picked up and taken out for a night on the town sorta
      speak, i was thinking of not comin to the board any more
      as its making me nervous, my view of glm is it seems
      to need just a little t.l.c.
      or a good nascar(ill
      help in the pit)

      --------------------------------------------------------------------------------
      Posted: Jan 19 1999 7:54AM EST as a reply to: Msg 10269
      by SargeY2K

      ---------------------------------

      North Pole

      Isle of Capri Casinos ISLE
      Wasserstein Perella � Strong Buy

      Isle of Capri Casinos
      is hiring 600 new employees for the Black Hawk
      Casino.
      Isle has a Relative Strength of 89 and the stock is
      closer to New High,
      The new employees always buy
      stock in the Company.

      South Pole


      Wednesday January 13, 1999
      Global Marine downgraded by
      Wheat First Union - Briefing.com - 7:00 pm

      Fri
      Jan 15 GLM Global Marine cuts jobs, caps wages,
      freezes hiring � Reuters

      GLM has a Relative
      strength of 25, and is in the Worst Group.


      Conference call number
      by: darko_32 (M/Houston) 10186 of
      10281
      800-839-2871 until 1-22-99.

      HOUSTON,
      Jan 15 (Reuters) - Unable to shake off the effects of
      bottom-of-the-barrel oil prices, Global Marine Inc. (NYSE:GLM - news)
      on Friday announced lower fourth quarter earnings
      and said it would cut its workforce 10 percent,
      freeze hiring and cap
      wages.

      http://www.clearstation.com/

      ByVolume: Employees who get the pink slip generally sell
      their stocks in GLM to maintain their
      living.

      ByVolume: If a person is from Poland we call him a Pole.
      Then, why don�t we call a person from Holland a
      Hole?

      Sincerely,

      ByVolume

    • Do they celebrate MLK Day in HK? Where do u live
      in HK? Near the Central District? Causeway Bay? Do
      they allow gambling in HK? Do they have any casinos
      there ? Come on, don't hold out on your friends, BV,
      Oops & spray ?

      BV is oon a posting binge. I
      hope he would call Jerry Springer and be a guest on
      Jerry's show.

    • View More Messages
 
ISLE
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