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Non-Tech : Wit Capital - The way of the future?
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To: Amadeo Zevi who wrote (15415)5/15/2000 11:27:00 AM
From: -Mad-Jon  Read Replies (1) of 16809
 
96% dilution of opportunity - Part of my letter to Ron Readmond:

I read this morning's announcement with intense interest. The acquisition of E*Offering should be a big plus for WitSoundview.

The thing I would like to see some clarification on is the acquisition of the retail accounts (us) by E*Trade.

Your stated objective has been to leverage the internet to increase IPO participation by individuals; you are very successful so far in your pursuit of that noble objective. I can see that in the acquisition of E*Offering you are greatly increasing your footprint in online underwriting.

I also understand that access to the 2.6 million E*Trade accounts will be a strong enticement to any issuer to use WitSoundview's services, and offer increased individual participation.

The thing that concerns me is opportunity dilution. The Wit retail account holder goes from being one of 100,000 to being one of 2.6 million. That's a 96% dilution.

What about notifications? Will all E*Trade accounts be notified of opportunities to indicate?

Is your mission to increase participation for "the individual," or for your customers? Who are your customers? It's starting to look like it's not us, your retail account holders - but the issuers.

It feels like we - the retail Wit investor - are being dumped.

I realize that on a macro level this new alliance is the way to play the markets - but, isn't there some way you can preserve some status - show some recognition - for your original account holders?

Regards,
Jon
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