Re: news around the league...

[j.hironaka@unesco.org]

ESPN's Jeffrey Denberg wrote:

> Celtics spokesman Jeff Twiss wants you all to know that the Boston
> Celtics are not for sale. That means the once-great franchise can only
> be saved from Rick Pitino by stockholders' revolt.

FWIW regarding share holder value, Boston Celtics limited partnership
shares closed at 11 - 7/8th yesterday compared to a high above 27
dollars at the time of Rick Pitino's arrival in the Spring of 1997.
Before anyone calls for a shareholder's revolt, bear in mind that much
of this 56% price drop reflects investor sentiment about the lockout
(the stock lost more than half it's value in the span of a week at the
start of the lockout). Up until that time, the stock consistently traded
above 20 dollars so I suppose we can consider it an excellent buy right
now, especially if you feel the Celtics will be competitive this year.

For anyone out there who's curious about how share prices might mirror
perceptions of the team's on-court competitiveness, there was in fact a
big spike in trading volume around August 1st with share prices
initially falling a quarter point but then rallying since the middle of
August by half a point.

Joe

p.s. Does anyone know how much money Steve Francis stands to lose off
his rookie contract if he stays in Canada? Unless it really is a vast
amount (say an additional 20% of his income or more), I would consider
his attitude a bit overboard. Of course it is very easy to judge him,
since none of us were ever offered multi-million dollar guaranteed
contracts to drop out of college early. Anyhow, Vancouver seems to be
good enough for Shareef and Bibby. I also hear the sushi is excellent
and affordable there. :-)