DJIA: 7819.31 +63.02 (+0.57%) S&P 500: 953.70 +6.92 (+0.81%) Nasdaq: 1532.06 +7.32 (+0.73%) Mor.Sta. Hi-Tech 434.08 +4.73 (+1.10%) 30-Year Bond 103 1/32 +12/32 5.88% Yield
A "recapitalization" refers to a change in a copmpany's long-term financing
mix. In the case of communications test equipment firm Dynatech Corp.
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DYT)") else Response.Write("(NYSE: DYT)") end if %>, up $10 3/16 to $46 15/16 today, the recapitalization comes in
the form of a bid to take the company private in a management-led buyout.
Dynatech management and a fund run by Clayton, Dubilier & Rice, Inc.
(CD&R) today offered shareholders $47.75 per share in cash along with
an aggregate 5.3% fully diluted equity interest in the recapitalized company
(which comes out to $49 per share). After completion of the buyout, 300 Dynatech
executives will hold a 25% fully diluted stake in the firm, CD&R will
hold approximately 70%, and the balance will go to public shareholders. Dynatech
makes testing equipment that is used to install and maintain data networks.
The management group is paying roughly 27 times trailing earnings for the
firm, which is not an extraordinary premium to the how the market currently
values the company at 26 times earnings. The company slipped recently after
Q2 earnings missed EPS estimates by $0.02. This coupled with a lackluster
year provided management with an opportunity to take out an estimated 21%
compound average gainer.
Allegheny Teledyne <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALT)") else Response.Write("(NYSE: ALT)") end if %> Chairman Richard Simmons told the
Pittsburgh Post-Gazette last Friday that Allegheny had no interest
in purchasing the stainless steel operations of Lukens Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LUC)") else Response.Write("(NYSE: LUC)") end if %> after Lukens completed its merger with Bethlehem Steel Corp.
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BS)") else Response.Write("(NYSE: BS)") end if %>. This morning the veracity of that statement was confirmed after
Allegheny proposed a $28 per share buyout offer for all of Lukens, trumping
Bethlehem's $25 cash offer by 12%, which boosted Lukens' shares $4 1/2 to
$28 1/2. If the $715 million (including debt) deal is consummated, Allegheny
plans to keep Lukens' profitable carbon and stainless plate division and
sell the rest of the company. For those who remember the former Allegheny
Ludlum Corp., which acquired the Teledyne portion of its name from a merger
with aerospace and consumer products company Teledyne Inc., this acquisition
seems to be a move in the wrong direction. The merger with Teledyne, as well
as the recently announced merger with Oregon Metallurgical <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: OREM)") else Response.Write("(Nasdaq: OREM)") end if %>, were both ostensibly attempts by Allegheny to focus on the high profit
specialty metals and consumer products businesses, diversifying its income
streams and reducing the volatility associated with the cyclical elements
of the steel business.
A number of proposed business combinations dotted the financial landscape
today. Electric utility Central and South West Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CSR)") else Response.Write("(NYSE: CSR)") end if %>,
charged ahead $1 1/8 to $27 1/8 after agreeing to merge with American
Electric Power Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AEP)") else Response.Write("(NYSE: AEP)") end if %> in a deal that will exchange 0.6 shares
of American for each share of Central. The merger would create a $28.1 billion
company (market cap) serving more than 4.6 million customers in 11 states.
Manufacturer and distributor of steel storage pressure tanks Chemi-Trol
Chemical Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CTRL)") else Response.Write("(Nasdaq: CTRL)") end if %> gained $6 1/2 to $20 1/2 after announcing
that it has agreed to be acquired by industrial services and manufacturing
company Harsco Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HSC)") else Response.Write("(NYSE: HSC)") end if %> for roughly $46 million, or $23 per
share. Essex County Gas Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ECGC)") else Response.Write("(Nasdaq: ECGC)") end if %> rose $7 to $46 on agreeing
to merge with New England's largest distributor of natural gas, Eastern
Enterprises <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: EFU)") else Response.Write("(NYSE: EFU)") end if %>. One share of Essex stock will be exchanged for
approximately 1.184 shares of Eastern Enterprises stock in the deal, which
has an total equity value of roughly $80.5 million, or around $49.72 per
share.
Investors may be bummed out about the prospects for regular retail sales,
but online retail sales sure have their attention. Shares of Onsale
<% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONSL)") else Response.Write("(Nasdaq: ONSL)") end if %> jumped $1 1/16 to $14 9/16 when the Web-based closeout retailer
reported third quarter sales of $32.3 million versus $9.2 million last year.
The company is not the online retailer experiencing strong sales growth.
Jupiter Communications estimates that online sales will reach $2.6 billion
this year, up from $706 million in 1996. Shop.org, an Internet retailers
trade group, reported anecdotal evidence of exploding online sales and projected
that it would be able to track online sales quarterly by late 1998. Other
online retail sales bloomers include Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> up
$2 3/8 to $56 3/8, America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> rising $5 1/8 to $89
7/8, Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> adding $3 5/16 to $81 5/8,
Yahoo! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: YHOO)") else Response.Write("(Nasdaq: YHOO)") end if %> powering ahead $2 9/16 to $64 7/16, Lycos
<% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LCOS)") else Response.Write("(Nasdaq: LCOS)") end if %> up $1 3/8 to $38 1/8, and Excite <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %> jumped
$1 1/32 to $26.
There were a few interesting instances of mathematical dissonance today.
Corrections Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CXC)") else Response.Write("(NYSE: CXC)") end if %> jumped $7/8 to $33 5/8, adding $74 million
in market cap after it said it will build a facility that would product $22
million a year in revenues. GenRad <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GEN)") else Response.Write("(NYSE: GEN)") end if %> climbed $2 3/16 to
$27, or $56 million, after getting an order from Sun Microsystems
<% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SUNW)") else Response.Write("(Nasdaq: SUNW)") end if %> that it valued at all of $1 million. National
Data Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NDC)") else Response.Write("(NYSE: NDC)") end if %> rose $1 1/8 to $34 1/8, or about 4.0%, after saying
it would buy back 200,000 shares, or 0.75% of its outstanding shares. The
best one was Parametric Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PMTC)") else Response.Write("(Nasdaq: PMTC)") end if %>, which jumped $4
1/4 to $45 11/16, or $541.3 million, after the computer aided design software
developer said it had received orders from Bang & Olufsen A/S of Denmark
for $1.2 million after getting a $1.5 million order from FCI of Paris, France
on Friday. After gaining more than half a billion dollars on a few million
dollars in orders, one hopes the follow-on order potential here is high.
QUICK TAKES: Merrill Lynch raised its long-term rating on biotechnology
company Centocor Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CNTO)") else Response.Write("(Nasdaq: CNTO)") end if %> to "buy" from "accumulate," which
boosted shares of the company $2 1/8 to $34... Capital One Financial Corp.
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COF)") else Response.Write("(NYSE: COF)") end if %> rose $1 13/16 to $50 1/4 after the financial services and
credit card company announced that it expects earnings to exceed analysts'
expectations for the fourth quarter of 1997 and the year ending December
31, 1997... Shares of scrap recycler Metal Management <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MTLM)") else Response.Write("(Nasdaq: MTLM)") end if %> rose
$2 5/8 to $17 5/8 for what could be a number of reasons. Kentucky Electric
Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KESI)") else Response.Write("(Nasdaq: KESI)") end if %> disclosed Friday that its quarterly results would
be hurt by higher prices for scrap metal, which directly benefits Metal
Management, and super-investor Sam Zell bought about 1.5 million shares for
$25 million in cash plus warrants to purchase another 400,000 shares at $20
and another 200,000 at $23.
Geron Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GERN)") else Response.Write("(Nasdaq: GERN)") end if %> announced that it has formed a collaboration
with Boehringer Mannheim, GmbH to develop and commercialize research and
clinical applications for Geron's methods of detecting and measuring telomerase,
a protein whose presence correlates highly with the presence of cancer. Geron
shares climbed $7/16 to $9 on the news... Unseasonably good weather and
higher-than-expected revenue per available seat mile sent shares of SkyWest,
Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SKYW)") else Response.Write("(Nasdaq: SKYW)") end if %> soaring $1 15/16 to $27 3/4. The holding company
for SkyWest Airlines announced that as a result of these favorable developments,
Q3 EPS would be between $0.37 to $0.42 versus prior expectations of $0.13...
After completing its initial public offering on Friday of 4.6 million shares
of common stock at $19.75 per share, Coinmach Laundry Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WDRY)") else Response.Write("(Nasdaq: WDRY)") end if %> rose $2 5/8 to $24 3/4 today after the supplier of coin-operated laundry
equipment services was rated a "strong buy" at BT Alex. Brown.
Aavid Thermal Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AATT)") else Response.Write("(Nasdaq: AATT)") end if %> added $2 to $24 3/4 after
announcing late Friday that it had completed an expansion of its manufacturing
capacity, adding a 40,000 square foot manufacturing facility in China. The
company also announced the closing of additional financing "in order to meet
the increasing demand for its products and services"... Designer and manufacturer
of precision timing and frequency products Datum Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DATM)") else Response.Write("(Nasdaq: DATM)") end if %>
jumped $2 7/16 to 16 3/16 after receiving an upgrade from Rodman & Renshaw
to "buy" from "neutral"... Hotel operator Prime Hospitality Corp.
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PDQ)") else Response.Write("(NYSE: PDQ)") end if %> rose $1 1/2 to $18 after its directors approved a plan to repurchase
up to one million shares of its common stock... Hambrecht and Quist analyst
Rob Faulkner issued a "strong buy" recommendation on medical device maker
Guidant Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GDT)") else Response.Write("(NYSE: GDT)") end if %>, which rose $4 1/2 to $58 5/8 .
Pacific Scientific Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PSX)") else Response.Write("(NYSE: PSX)") end if %> gained $1 3/4 to $23 7/16 after
its board voted unanimously to reject the $20.50 per share takeover offer
from a subsidiary of Kollmorgen Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KOL)") else Response.Write("(NYSE: KOL)") end if %>... R.P. Scherer
Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SHR)") else Response.Write("(NYSE: SHR)") end if %> climbed $3 3/4 to $60 11/16 after it announced that
diagnostic test manufacturer Oxoid Ltd. has launched a new Salmonella test
kit that uses Scherer's "timed-release capsule" technology... Sugar concern
Imperial Holly Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Amex: IHK)") else Response.Write("(Amex: IHK)") end if %> completed its acquisition of
Savannah Foods & Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SFI)") else Response.Write("(NYSE: SFI)") end if %>, which rose $1 1/8 to
$18 7/8... Gaining some "legitimacy" today was UOL Publishing <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UOLP)") else Response.Write("(Nasdaq: UOLP)") end if %>, a publisher of interactive and on-demand Web-based courseware for
the corporate training and education market, which gained $1 15/16 to $14
7/16 after establishing a $6.0 million credit facility with First Union National
Bank... Shares of Onyx Pharmaceuticals <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONXX)") else Response.Write("(Nasdaq: ONXX)") end if %> rose $1 3/16
to $8 7/16 after the company' s new cancer drug Onyx-015 began Phase II Trials.
Worries about slow holiday sales continued to hit the shares of various retailers
today. Possible perilous PC sales had CompUSA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CPU)") else Response.Write("(NYSE: CPU)") end if %> down $1
to $27. Jitters on jolly joy-joy toy sales saw shares of off-price retailer
Consolidated Stores <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CNS)") else Response.Write("(NYSE: CNS)") end if %> slip $1 1/2 to $41 1/2. Teen clothing
emporium Gadzooks <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GADZ)") else Response.Write("(Nasdaq: GADZ)") end if %> was squashed for $2 to $21 1/4 on
no news. Some investors had claimed that institutions fleeing PC-related
companies went to retailers as a safe haven only to discover that retail
sales aren't necessarily that great. Whatever the reason, retail investors
have had a tough two weeks.
Xionics Document Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XION)") else Response.Write("(Nasdaq: XION)") end if %> faded $6 9/32 to $3 19/32
after the company warned it would only make $0.02 per share in its upcoming
quarter. Xionics stated that it had changed its license fees for its proprietary
embedded digital publishing technology used by almost a dozen copier, printer,
and scanner companies to create integrated copier-printer-faxes. Although
the company pointed the finger at East Asian economic uncertainty, the fact
that the disappointment comes so soon after peer Electronics for Imaging
<% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EFII)") else Response.Write("(Nasdaq: EFII)") end if %> was toasted and office equipment vendors like Danka
Business Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DANKY)") else Response.Write("(Nasdaq: DANKY)") end if %> began to report problems, one has
to wonder whether poor demand for office equipment is the real problem.
Competitor Peerless Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PRLS)") else Response.Write("(Nasdaq: PRLS)") end if %> was down $1 13/16 to $12
1/16 in sympathy, while printer manufacturer Encad <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ENCD)") else Response.Write("(Nasdaq: ENCD)") end if %>
was down $1 7/8 to $25 1/8 as well.
QUICK CUTS: American Skiing <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SKI)") else Response.Write("(NYSE: SKI)") end if %> was snowed under for $15/16
to $14 1/4 after reporting a much larger-than-expected fiscal first quarter
loss of $1.55 per share on fifteen times as many shares as last year... Software
company Broderbund <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BROD)") else Response.Write("(Nasdaq: BROD)") end if %> was hit for $1 7/16 to $26 13/16
after CIBC Oppenheimer downgraded the shares from "outperform" to "hold,"
catching anyone attempting to benefit from the recently released Riven to
question what had appeared to be a solid trade... Digital Link <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DLNK)") else Response.Write("(Nasdaq: DLNK)") end if %> was nailed for $2 7/8 to $9 7/8 when the manufacturer of high-speed
digital access gear warned it would lose $0.05 to $0.07 per share in its
upcoming quarter instead of making $0.20 per share as analysts' had
predicted.
General Datacomm <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GDC)") else Response.Write("(NYSE: GDC)") end if %> tumbled $3/4 to $4 after Merrill Lynch's
Joseph Bellae cut his long-term rating to "neutral" from "attractive"...
Kentucky Electric Steel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KESI)") else Response.Write("(Nasdaq: KESI)") end if %> dropped $3/4 to $4 3/4 after
the steel minimill warned that it would post break-even results due to higher
prices for scrap metal... Japanese agricultural equipment manufacturer
Kubota <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KUB)") else Response.Write("(NYSE: KUB)") end if %> was dumped for $8 1/4 to $53 1/4 after earnings estimates
were apparently cut in Japan overnight... Libbey Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LBY)") else Response.Write("(NYSE: LBY)") end if %> fell $3 11/16 to $37 1/8 after Salomon Smith Barney cut the company
to "neutral" from "outperform" only two trading days after analyst Donald
Zwyer cut the stock from "buy" to "outperform." We guess the $45 price target
he had on December 18 no longer applies...
NeoPharm <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: NEO)") else Response.Write("(AMEX: NEO)") end if %> dropped $2 3/8 to $4 after a Food and Drug
Administration advisory panel said the biopharmaceutical company had not
proven that its Neomark breast-cancer tumor test was better than existing
tests... Penford Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PENX)") else Response.Write("(Nasdaq: PENX)") end if %> was knocked down $4 3/8 to $31
1/8 after the diversified industrial concern reported fiscal first quarter
earnings of $0.07 per share, well below the $0.23 that analysts were expecting...
Physician Resource Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PRG)") else Response.Write("(NYSE: PRG)") end if %> lost $9/16 to $4 after Friday's
resignation of the Chief Financial Officer and two members of the Board of
Directors.
FOOL
ON THE HILL
An Investment Opinion by Randy
Befumo
Checks in the Mail for Artistic Greetings
In a fairly complicated merger agreement announced today, MDC Communications
<% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: MDQ)") else Response.Write("(AMEX: MDQ)") end if %> is acquiring the check business of Artistic Greetings
<% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ARTG)") else Response.Write("(Nasdaq: ARTG)") end if %> for $5.70 per share in cash. Unfortunately for shareholders
of MDC Communications, at first glance it appears that Artistic Greetings
is getting the better part of the deal as it dumps its dying personalized
check business for cash and takes the rest of the personalized products company
private at a bargain price. Just as other check giants such as Deluxe
Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DLX)") else Response.Write("(NYSE: DLX)") end if %> and John Harland <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JH)") else Response.Write("(NYSE: JH)") end if %> are struggling to
cut costs in their check divisions while they diversify into electronic payments,
MDC Communications is taking on debt to purchase a check business.
MDC Communications is paying $33 million in cash to get Artistic's personalized
check business, which generated approximately $45 million of its $96.7 million
in trailing sales. The rest of Artistic will be bought in a separate cash
transaction that will consist of MDC's new unit getting $9 million in cash
and losing liabilities related to the other Artistic Greetings businesses.
How much of Artistic's $2.1 million in cash and securities or $5.0 million
in long-term debt will stay with the check business is unknown, but at most
this would only add a million or two to the effective purchase price for
the division. With Artistic's 6 million boxes of checks per year under its
belt, MDC vaults into the number two position in the North American check
market and should generate $80 million in revenues next year.
The only problem is that the credit card is killing the check in North America.
Despite MDC's claim in its press release that checks are a "rapidly growing
industry," the volume of purchases by checks has been going down for years
as more and more everyday purchases are consummated with credit or debit
cards. It is hard to believe that the printed check business is going strong
when Deluxe Corp. has closed 26 of its 41 check printing plants and John
Harland has shut down more than 20 of its 40 plants. Although doing this
deal at what looks to be around 0.75 times trailing sales is not exactly
overpaying, given that the major check manufacturers in North America have
suffered years of decline, it is hard to imagine why any company would jump
in the business and proclaim it rapidly growing. While it should generate
a ton of cash that might be invested in building other businesses, as both
Deluxe and John Harland have done over the past few years, to paint it as
a source of growth seems a tad misleading.
A quick check of MDC's financial statements on Canada's SEDAR (the equivalent
of EDGAR) reveals that after paying out the $33 million, MDC's balance sheet
will either be bereft of cash or show a significant addition to the already
hefty $200 million in debt the company carries. Although 1997 sales of $76.4
million will be substantially expanded to around $121.4 million by the merger,
the resulting highly leverage company will have an enterprise value-to-sales
ratio of approximately 1.4, operating margins of around 10%, cash flow margins
of 5%, and profits almost completely eaten up by debt servicing and non-cash
amortization and depreciation. Still, the price MDC is paying for Artistic's
business is at a discount to its own valuation, making the pending deal
accretive.
MDC's business strategy seems pretty well aligned with that of Deluxe Corp.,
which has substantial plastic card minting operations in addition to the
check business. But Deluxe also has a direct marketing division for financial
institutions, a third-party processing business for ATMs, and a specialized
business forms and personalized paper products business that is not all that
much different from the part of Artistic Greetings that is being taken private
by its former Chief Executive. Despite the well-rounded attempts at
diversification, both Deluxe and John Harland have had average annual returns
of only 4.3% to 4.9% (with dividends reinvested) over the past seven years
where the S&P 500 has returned 19.7%. No matter how you slice it, MDC
Communications' strategy here seems strange considering that checks are obviously
a dying business -- regardless of the fact that a case could be that direct
mail checks are taking share from financial institution checks. It will be
interesting to see if MDC's investment in a bad business pays off, even at
this meager valuation.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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Randy Befumo (TMF Templr), a Fool
One
Dale Wettlaufer (TMF Ralegh), Fool
Two
Alex Schay (TMF Nexus6), Fool
Three
Contributing Writers
Brian Bauer (TMF Hoops), Fool
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Editor