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Larry, Ivan: KAB:

The Wall Board: Stocks (Misc): STOCKS NOT OTHERWISE LISTED: Larry, Ivan: KAB:

By Tc on Sunday, December 5, 1999 - 03:43 pm:

KAB just completed a 65 million public offering of limited partnership units so its balance
sheet is swollen. A current ration of 1.5 ish is quite good and a debt to equity of less than 2
to 1 is also quite good. The balance sheet is strong.

The cloud is the potential superfund environmental claims and I am not as sanguine about
them as Ivan is. I have had dealings with the EPA on reimbusement of clean-up costs.
Depending on who the counsel at the EPA handling the matter is, the same facts can
produce a dismissal on nothing more than a few truthful letters -- or a multi-decade deadly
witch hunt which bankrupts the company. I have gotten a $240 million dollar claim against
a client dismissed with a few truthful letters and some straight-up honest phone calls.
Another entity, which was no more or less culpable, was bankrupted because they tried to
bull***t the EPA attorney handling the matter and she got angry.

If she had come after us that way, we would not have survived winning.
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