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  • newMK newMK Jul 1, 1999 9:07 AM Flag

    Statistical trivia re: ADV

    discussion of management strategy by outsiders is
    futile): you're partially right, in the sense that Doc
    doesn't wake up in the morning and read this message
    board, looking for good ideas. But it's kind of like
    editorials in the newspaper. Each editorial, in its own
    right, does nothing. But cumulatively they sometimes
    influence opinion and sometimes even impact the behavior of
    the subjects of the editorials.

    This board is
    pretty good. It has a number of long-time posters, and
    it has attracted bright new thinkers recently. Over
    time, it has also attracted investment managers,
    directors of the company, employees, and analysts (none of
    which is me, but I know the principals).

    I spent
    most of the past year questioning the REIT, but
    praising Doc, and telling people to trust him. Now I'm
    questioning not just the REIT, but my trust in his vision
    (and execution). At this point I hold little hope for
    much appreciation in the stock value. So I'd happily
    settle for the dividends and never sell another share.
    Thus I should be here shilling for the company and
    cheering every step that will preserve the REIT

    But it goes against my conscience. The posts related
    to the LOC seem like deja vu compared to what was
    posted with regard to the bond offering. What happens
    when the LOC (currently delayed from the original
    schedule) gets delayed again or trimmed back? I believe the
    market has discounted the stock for the possibility of
    not getting it done, and by implication for a

    My view is that the REIT strategy failed
    and it is costly and futile to stubbornly pursue it.
    Getting the LOC will buy time, but will not guarantee
    adequate access to the capital markets in the future. I
    REALLY hope I'm wrong. I don't trust Doc anymore to
    effectively evaluate the best options for pursuing his
    vision. And I hope he doesn't pay another $15MM to
    Bradford and Stephens to advise him.

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