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Non-Tech : Craig (CRG) - Vulture Pick

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To: Andrew who wrote (16)1/11/1999 12:57:00 AM
From: LauA  Read Replies (2) of 27
 
Andrew - you now appear to be the only buyer for CRG. I've tried like crazy to understand this stock, but I remain baffled despite having read the filings for CRG, RDGE, Citadel, and the OJ Ranch. To me it looks like one of those family-insider things that appears undervalued on paper, but will work out for shareholders only after everything goes right for favored few.

My bias includes attending the annual meeting one year ago in LA, and being turned off by the BS spun by the CEO. That Orange grove company in the central valley was the topper - a real stinker that should be blitzed from the recent freeze.

I take it, you recommend buying the CRG preferred stock. What's the reasoning behind that preferred? And why don't they just rollup citadel and RDGE? Is there extra overhead from having these separate companies?

Do you feel comfortable with CRG buying the NYC movie houses and theaters from the CEO? Can you evaluate if there was arms length pricing?

How are the theaters doing? Is the Angelika format a success? I've been told by other theater owners that the Angelika formula will only work in NYC. How's the one in Houston? Are there any others? Will there be one in Pasadena?

How goes Australia? You've posted that the company goes cashflow positive soon. Do you get those projections from the K and Q numbers? I note that Carmike expects a down quarter, does this relate to CRG?
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