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To: Glenn D. Rudolph who wrote (72686)	8/8/1999 6:17:00 PM
From: Bob Kim	Read Replies (2) \| Respond to of 164684

Glenn, maybe ML should position BKS as an equity alternative to BNBN. If you back out BKS's 40% ownership of BNBN from BKS's market cap, then BKS is valued at about $8 a share, less than a 5 p/e on 00E bricks and mortar retail eps. Also, ML rates BKS higher at 1-1 vs. 2-1 for BNBN, BKS offers higher upside potential +109% ($47 target) vs. 73% ($30 target). Plus, based on ML's break-up value analysis, BKS could be worth around $70 a year from now if BNBN hits Blodget's target and you assume 140% p/e to growth on BKS's 2000 bricks and mortar retail eps. ($70 = +212%) I'm surprised this isn't a Focus 1<g>