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To: Glenn D. Rudolph who wrote (72123)	8/5/1999 12:11:00 PM
From: Eric Wells	Read Replies (2) \| Respond to of 164684

Glenn - I disagree with your assessment of Microsoft's ability to threaten AOL. While Microsoft offering free net access may not allow them to steal customers away from AOL, it may certainly place pricing pressure on AOL, which may negatively impact AOL revenues. I don't think we've reached capitulation. However, I have covered all my shorts. I'm way in the black on all of them (except for the YHOO shares I shorted this morning). And it looks as though I may have covered too early, as it appears the nets are now giving back some. Thanks, -Eric