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

ETV 13.72

-1.5%

Nov 20 4:00 PM EST

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To: Todd D. Wiener who wrote (278)	10/20/1997 5:49:00 PM
From: John Arnopp	of 1080

Todd, Interesting article. I like your analysis. What I'm concerned with is the timeline. The HSN/Universal is subject to shareholder approval, and could take 6 months to complete. Is it likely that they would announce another acquisition (of NM) before that time? Also, the volume of NM troubles me a bit. It seems to low for institutional buying (presumably on some impending news), and too high for individual selling/buying. The volume is higher than it has been, but if all the institutional investors have gotten their shares, what's happening now? Are we still just waiting? Thanks, --John

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