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To: Thean who wrote (8925)	6/12/1999 11:59:00 AM
From: SJS	Respond to of 14427

Thean, My thoughts: 1) 60 days is a LONG time. I would NOT participate at that length unless you are willing to blow off their rules if you get seriously underwater and want to sell. That length of time is not fair to the IPO participant, IMHO. 2) Correct. Unfortunate, but true the way margin rules and cash acting as your cushion in a margin account work. 3) It REALLY depends. With QWST 2 years ago, I got 80% of what I asked for. With NXLK, I got 30%. With JWEB, I got 30%. A few I got none. The big problem here is that if you "step up" with a big request in order to compensate for the potential dilution, you actually might get the "big" request and not want it all. Use 50% as an average. If you're a good customer (trade alot) and/or large (a sizeable amount of assets under management...) of theirs, then factor higher. Good Luck. Steve

To: Thean who wrote (8925)	6/12/1999 12:06:00 PM
From: bw	Respond to of 14427

Thean...I agree with the others about margin rules for IPOs. I have heard, however, that any stocks can be shorted offshore. There have been new rules put into effect for Etrade IPOs. They were just allocated before on a first come-first served basis; now they say that shares will be distributed based on past flipping history of the applicants and on more of a lottery system. I have flipped all of my IPOs this year, usually within 24 hrs., and gained about $15k profits. Now that the IPO mania has subsided...no big deal. They have also just released about 6 new IPOs that are lukewarm candidates at best. Also, only expect to be filled for 100 shares. I have always requested 500+, and 100 has been the max. Also true with Wit Capital IPOs. Good luck on your Waterhouse... Bought large into EGRP on weakness, and will hold with a $38 3/4 basis. Also holding DRMD, since this stock can ratchet up in a hurry and seems to have limited downside...