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To: telebob who wrote (19227)	6/17/1999 4:10:00 AM
From: country bob	Respond to of 27722

bob; It's funny you mentioned that. Paulson reminds me a lot of Field Marshall Montgomery at Normandy.Everyone else was thrusting forward and he would stop the attack for a tea break!(I wonder if they're related?) cb

To: telebob who wrote (19227)	6/17/1999 9:40:00 AM
From: TripleT	Read Replies (3) \| Respond to of 27722

Reasons for IPO date not being set: When any company deals with the Federal government, delay is the name of the game, since the government always wants its pound of flesh (share of paperwork). A company that files an S-1 has two rational choices on setting the IPO date: 1. Set the date so far in the future that the IPO may be stale or market conditions could be wrong. 2. Play a wait-and-lets-see game. After the go ahead is given by the SEC, file a date for the IPO. This is the choice that NAVR made and I think it was the correct one. The SEC has recently gone to a "plain English" format on the S-1 filings and until that procedure is firmly entrenched, delays are to be expected. To me, an insane choice would be to set an early date for the IPO, and then to on a road show. To have to file additional S-1a's and encounter a couple of delays would swamp the price that the IPO would get and be a financial disaster. Considering the recent Internut plunge, we can thank our lucky stars that a delay has been encountered. Incidentally, choice 3, at best, would only speed-up the IPO by a couple of weeks. :o) TTT