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To: Mr. Jens Tingleff who wrote (39)	8/10/1999 2:22:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 60

<<- Anyone to shed some more light on it - something special in the agreement when purchasing preferred ? - avoid public knowledge action ?>> Jens, one frequently sees the 5% limitation in floorless deals. Yes, it often applies to individual purchasers, rather than the deal in its entirety. My impression is the limitation is put in because owners of more than 5% of the outstanding stock must report their purchases and sales to the SEC. By placing such a restriction in these deals (even though they are essentially meaningless), the purchasers of floorless issues do not have to report their transactions (including short-sales) to the SEC.