Anacomp Inc (ANMP)

[Tuck]

Based on what I have seen since I started purchasing last August, this is probably the most accurate account that we have seen yet. The big run up to 1.75 last August was, from what I could determine, institutions bidding it up so they could escape. As you know, Fat, mutuals have various investing styles. Under the threat of a de-listing from the Nasdaq last year, owning an OTCBB would not have been consistent with the style of most who were invested. IMHO that is why so many of them jumped ship. The one who remained with 1,600,000 shares is a deep value Fund. Owning a stock like Anacomp, though risky, appears consistent with the Deep Value style, which is why I believe they stayed. Of course, I also believe they stayed because they think Phil Smoot has a good chance of turning this puppy around.