PAM

["Robert P. Cashin" <rcashin@juno.com>]

        At last, we have a decision, we are unanimously in favor of PAM.  Now,
the next decision is "Do we want to invest in PAM, and if so, how much?"

        To review, a zero investment would give us zero influence on policy and
content.  An investment around $3000 would make us a majority share
holder and give us the maximum influence, but still not control, we have
to allow the editor some leeway and he probably wants a lot.  An
investment in between would give in between influence.

        One aspect to consider is the state of our treasury.  I'd guestimate
that about half of the current balance is owed to our printer who never
sends us a bill. Neil, please bug him again about sending it.

        Another aspect is timing of the investment.  Would it be expected all at
once, or on a quarterly basis, to make up for the expected early losses
as they occur?

        Still another is whether our need to make up losses is tied to the
percent of stock we own and if there is a way to limit our exposure.

        I am copying the MC on this message so we can get their inputs and so
they know the results of our vote. Please provide your inputs ASAP.

                                        Thanks, Bob Cashin
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