CEI

[concrete]

someone is buying up large blocks of crescent real estate this morning. the local rumor on the street here in fort worth is that richard rainwater will sell this company this month or in short order. it's a nice stock to own considering it pays 7.01 dividend.

[ub3rn00ber]

If they miss their earnings again wont this thing tank?

[concrete]

ub:

In nov 06 they withdrew 06 funds from view as well as 07 targets until they reviewed their purchase offers. I've owned this stock for some time for the dividend and i rarely see rainwater loose money these days, if ever. Additionally having watched it for some time it's rare to watch 20 - 25K blocks bought in a single day as i saw today.

If you use book value and add the depreciation plus an average maket value appreciation plus good will you come up with fair value of the stock.By a very conservative esimate I get a fair value of $30-$35 per share, not including good will. Others argue 26 - 28 per share. Like all stock I tend to buy based upon who runs the show and I'm a strong supporter of Rainwater. I get no insider info from him but know him well and can't see him making a mistake here.