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ORANGE COUNTY BRIEFLY

Investor Buys 6% of Apria

October 14, 1998|(Bloomberg News)

Investor Joseph Harrosh acquired a 6.39% stake in Apria Healthcare Group Inc., according to a regulatory report filed Tuesday.

Harrosh reported to the Securities and Exchange Commission that he holds 3.31 million Apria common shares, which have a market value of almost $10 million.

Harrosh, who has a reputation for investing in companies that he deems undervalued, is the latest of several so-called value investors to take a stake in the struggling Costa Mesa provider of home health-care services. Others include money manager Michael Price and Richard C. Blum and his affiliates. Blum's group holds a 9.9% stake in Apria.

The stock fell 6 cents a share Tuesday to $3 after reaching a 52-week low of $2.56 earlier in the session. Shares have fallen almost 78% this year. Earlier in the year, the company hired a new chief executive officer after abandoning a plan to seek a buyer.

Harrosh could not be reached for comment at the company he oversees, Tri-City Sporting Goods Inc. of Fremont. Tri-City has been described by industry experts as one of the largest individual sporting goods stores in the country.

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