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

ETV 13.90

+1.3%

Nov 21 4:00 PM EST

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To: John Arnopp who wrote (194)	8/6/1997 6:55:00 PM
From: Todd D. Wiener	of 1080

John- They would be able to exercise them after "the" news is made public. The warrants are exercisable at around 4.80 per share, I think. That means that as long as NM is trading above that exercise price, SFE can pay 4.80 per warrant to NM, in exchange for 1 share per warrant (or whatever the exchange rate is). NM would get the cash, much like the exercise of an option. SFE bought a stake in NM when they put Hershhorn in as CEO over 2 years ago. Todd

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