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Non-Tech Craig (CRG) - Vulture Pick

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To: LauA who wrote (19)	1/14/1999 8:17:00 PM
From: Andrew	of 27

recent check into angelika houston has it doing much better. The area is now fully occupied but they said the weakness was inability to get good product. They are now getting some good product. Apparently, Houston was dominated by cineplex and that made things difficult to get good flix. With cineplex's acquisition by lowe's and RDGE's CEO Bob smerling having come out of Lowe's and with lots of contacts, they/(he) is able to get some better product. If its of any note IMO our assets are in good hands, they think the domestic market is oversaturated with theaters and will only go into a project if the #'s/returns make sense, else australia offers much higher returns.

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To: Andrew who wrote (20)	5/3/1999 1:39:00 AM
From: Bob Rudd	of 27

Andrew: Just stumbled across this. Any clue why it's trading below cash per share...is there some bizarre curse, like an old B movie where anyone owning shares will die horribly <g>? TIA, Bob

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To: LauA who wrote (17)	5/3/1999 1:45:00 PM
From: Bob Rudd	of 27

LauA: Have you continued to follow this....any further comments?

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To: Andrew who wrote (18)	5/3/1999 2:33:00 PM
From: Bob Rudd	of 27

Andrew: Back in Jan you had written <<I think very highly of this team's ability to build and manage a theater business>> An impression I found reinforced by several knowledgeable posters on Yahoo...so what's with the GISH position: "GISH BIOMEDICAL, INC. SHAREHOLDER FILES SEC FORM 4 WASHINGTON, DC, Apr. 29, 1999 (States via COMTEX) -- Craig Corp. of Los Angeles, CA, a Shareholder of Gish Biomedical, Inc. (SYMBOL: GISH), accumulated 60,800 shares in 4 transactions for between $2.53 - $2.75 each between March 02, 1999 and M arch 16, 1999. Craig Corp. currently owns 459,650 shares. A Form 4 reporting the transaction was filed with the Securities and Exchange Commission on April 13, 1999." [CDL made similar accum. of GISH] What does a theater guy know about cardiac devices? I recall a group mentioning that buttery movie popcorn clogged arteries...are they gonna offer these in the lobby to offset the damage <g>? Cash per share is big attraction here...If they know the theater biz and expand on what looks like a viable niche strategy in art and under covered areas, Aus, this makes sense. Buying stuff way out of expertise loop...especially complex techinical stuff that has no apparent fit is worrisome. There's no amount of cash that can't be frittered away when someone moves outside his circle of competence. Is there any reason to beleive Cotter and his team understand this business?

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To: Bob Rudd who wrote (22)	5/3/1999 5:21:00 PM
From: LauA	of 27

Bob - I confess that I have no position in CRG or RDGE at this time. Andrew is the expert here. The key appears to be faith in Cotter. I'm waiting to see some free cash flow from their theater business, which will probably be too late. Lau

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To: LauA who wrote (24)	5/4/1999 10:12:00 AM
From: Bob Rudd	of 27

Lau: I'm not in either, but found the net-net aspect appealing. I like the niche theatre strategy...but it depends on Cotter's capabilities as you suggest. This investment in GISH [My prior message] seems way outside his circle of competence and indicates a lack of strategic focus. This is too small an enterprise to be riding off in all directions at once. The orange groves [CDL] and GISH indicate Cotter is easily distractable and could squander resources on apparant "Bargains" that he lacks expertise to evaluate and that pull time and capital away from main strategic themes. I just don't like businesses that try to mix a lot of stuff that doesn't fit together...often indicates better short than long. Your impressions from the shareholders meeting may well have been dead on. bob

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To: Bob Rudd who wrote (21)	5/4/1999 12:54:00 PM
From: Andrew	of 27

trading near cash/share as no one follows this empire (see rdge and cdl) and mgmt leaves discussion to very long but thorough 10-k's q's which no one but i (and now maybe you) read. small cap asset story thats evolving into cash flow and operating story but undiscovered as yet.

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To: Bob Rudd who wrote (23)	5/4/1999 12:55:00 PM
From: Andrew	of 27

yahoo response to your question says it all.

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