pamc Message Board - Msg: 11756476

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Non-Tech : pamc

PAMC 45.73

-0.7%

Oct 30 5:00 PM EST

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To: Don Hand who wrote (513)	10/30/1999 12:52:00 PM
From: Steven M. Kaplan	of 570

Re; Dealing with the roll-up: We won't know the answer to that question until we get details of what the deal involves. Although there are more than just 3 possibilities, here are the 3 that I think top the list: Case 1: If it's a straight buyout, "undisclosed party" would pay PAMC for their shares of HA. PAMC could then: A-distribute the cash as a special dividend and keep operating B- liquidate and distribute the cash as a liquidating dividend C- use the cash to do something else under the PAMC banner. Case 2: "undisclosed party" could merge with HealthAxis and then PAMC would own some percentage of the new merged entity. Our shares would continue to trade under PAMC. Case 3: "undisclosed entity" could do a 3 way merger with PAMC and HealthAxis. In that case: A- our shares of PAMC would be exchanged for shares of the new entity, or B- shareholders of HA and "undisclosed entity" would be exchanged for shares of PAMC.

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