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To: jeffbas who wrote (10)	7/7/1999 12:57:00 AM
From: peter michaelson	Read Replies (1) \| Respond to of 55

jeffrey: I am sorry to sound dumb, but I am not very familiar with tracking stocks. What the hell do I get for my $3.56? Not any assets, I surmise from my first scan of the SEC filings. peter from thestandard.net All of which raises the question of what a tracking stock is, exactly. Counterintuitively, tracking-stock investors own shares in the parent company. For instance, in the DLJdirect deal, Donaldson Lufkin & Jenrette will still own the online business and its assets, and its board will maintain control over the fate of DLJdirect. DLJdirect investors will have virtually no shareholder voting rights, and will be subject to the same risks associated with the operations of Donaldson Lufkin & Jenrette. But the Net business will have its own income statement, relieving DLJ of the drain the Net play places on its expense line. For an investor, it may seem risky to invest in one company when you're really buying into another. And there is little historical evidence to predict the performance of such issues. Since the first tracking stock was issued in 1984 by General Motors to reflect the operations of Electronic Data Systems (EDS) , there have been less than 30 deals structured this way.