Hi Immord!

It's been kind of quiet around here lately.

Here's a link to the full blown article.

http://www.ft.com/cms/s/43a151c8-a80d-11db-b448-0000779e2340.html

Looks like Mr. Tilson likes Western Union (WU) and Mueller Water (MWA) as recent spins. I haven't delved into either too deeply, so I don't have a whole lot to offer. I don't think he explained the rationale behind why he feels they are good values very well, but WU has been recommended all over the financial press, including Barron's and Morningstar.

I never got a chance to look at Walter Industries (WLT) or MWA prior to the spin. Did you end up buying shares prior to the spin? If so, how'd that work out?

I've been really busy with other commitments lately, but I'll try to get busy posting additional thoughts on these companies and some additional spinoffs that have been recently announced.

All the best!

Jim