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Non-Tech : E4L, Inc. (NYSE: ETV)

ETV 14.22

+1.0%

4:00 PM EST

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To: Eric Klein who wrote (134)	6/9/1997 2:52:00 PM
From: Todd D. Wiener	of 1080

Eric- Safeguard has the majority of the board of directors. Also, the new CEO and Chairman were appointed by the Safeguard-controlled board. Safeguard owns at least 15% of NM stock, assuming exercise of all warrants. Since the two new people at the top of NM have no experience in the infomercial business, it looks as if Safeguard put them in to clean up the financial situation of the company (short term). This includes reevaluating the balance sheet, inventory control, etc. That may be most of the problems with earnings. It's amazing how much of an impact inefficiency can have on earnings. I suspect that once NM can show the world it's capable of making a profit again, the company will sell out for a large premium. Safeguard is an excellent company, and it knows how to make shareholders money. That would be a nice change from the experience of most people with NM. If you're not updated with the saga of NM, I think you'll find everything you need to know in the previous posts. Todd

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