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TRCPA

05/25/04 10:08 AM

#1924 RE: ahoy #1923

Ahoy......good points, I agree.

I'm pretty sure that any buyout would not take place until and if FASC reaches a point where it becomes a consistent and significant earnings producer.

I think another poster said it well when he relayed his conversation with Cal, indicating that the pps will ultimately be reflective of the company's p/e ratio, which was conservatively projected to be in the 15-20 range.