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To: NJR who wrote (796)	8/6/1998 6:14:00 AM
From: Mr. Pink	of 3015

Dear NJR, Mr. Pink was not at the annual meeting (although he sent one of His operatives, who dutifully reported that it was a joke). He did listen to the conference call in which management backed off from any hint of a buy-out, no doubt on the recommendation of counsel. It is difficult to justify the valuation of a company with a high market valuation, lots of debt, significantly negative EBITDA, a business plan that shows that they will be out of money within 9 months, no customers, "non-monetary revenues"--what a joke--, whose only value is litigation rights to patents protecting a technology that has been leapfrogged long ago. The stock is worth zero. The bonds are worth the discounted value of the excrowed interest payments or about 22 cents on the dollar. Mr. Pink shall sit back and wait for the inevitable fall and views every dollar He is short as a dollar in the bank. Mr. Pink

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