Meeting Minutes

10.10.2004


Attendees: Nicholas Sarwark, Leroy Cain, Gerald McClurg (by proxy), Lynn Shniper, Jacob Aaronson, Allyson Alt
19:30 - 21:10 October 10, 2004
Quorum
It was determined that more than 50% of the members were present, constituting a quorum.

Treasurer's Report
E-Trade has changed our account numbers. Email Leroy for the new number.
We currently have $5483 in securities and $156 in cash.
In June we received $2.08 from DIA, $2.20 from EXPD, and $2.73 from CD. In July, we received $0.66 from DIA and $0.64 LOW. In August, we received $0.59 from DIA and $6.60 from HET. In September, we received $2.07 from DIA and $3.51 from CD.
Total dividends year-to-date: $41.39.

Stock Presentations
Lynn presented a review of Independence Air (FLYI)
Eight analysts follow FLYi. Six recommend selling, two recommend holding. Stiff competition, difficult to cut costs, and insufficient cash. 32 of 35 markets overlap with United. Jet Blue - P/E of 30, $2.5b market cap FLYi - P/E of 2.7, $184.5m market cap FLYi webcast on Wednesday, October 27, 2004 at 1:00 pm. Replays available on www.flyi.com. Voted not to sell it. Will reevaluate later. Real Estate Investment Club

Leroy attended a real estate investment club meeting. $10 cost to attend a meeting as a non-member, or $60 annual membership. Meetings normally have a speaker. This last meeting had speakers on 1031 investment exchanges. Exchange-traded funds are tax advantaged when it comes to capital gains.


Next Meeting
The next meeting will be held on November 14, 2004 at Nick's house.

Action Items
Leroy to research Netflix.