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Technology Stocks : Information Architects (IARC): E-Commerce & EIP

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To: Michael V. Pokroy who wrote (1784)	8/12/1997 6:19:00 PM
From: Jeffrey S. Mitchell	of 10786

Mike, thanks for the info but we covered all that a few weeks ago. Turns out that the only "insider" was the CEO, Bob Gruder, who only sold a fraction of his shares-- not to mention that the only time he had done so previously was last year for the sole purpose of raising capital for the company. Keep in mind that Form 144s are for all sales of "restricted shares", not just those held by insiders. Often the holders of these shares end up being nothing more than friends and relatives of people that were at one time associated with the company who have limited if any contact with what's actually happening "on the inside"-- as was the case here. - Jeff

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