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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (3435)	8/11/1999 9:10:00 PM
From: S. M. SAIFEE	Read Replies (1) \| Respond to of 10027

Morgan, I do not understand that short was not due to deterioration in NITE's fundamental (Which does not seems to be a reason) It seems strange that every body jumped on shorts band wagon because company had no buy back program. Do you smell any deterioration in company's bottom line as of June 30? I still think the drop was due to anticipation of 10Q report and may be to some extent was aided by no buy back from the company. Now since the report is out we should see real action tomorrow. I still think company's fumdamental will prevail. 32 is a bargain price.

To: Sir Francis Drake who wrote (3435)	8/11/1999 10:38:00 PM
From: Joseph Silent	Read Replies (2) \| Respond to of 10027

Morgan, at 50, $20Mil would have bought 400,000 shares. I think, if I was NITE management, I'd have asked "what's the point?", given lockup expiry etc. Also, given that in Oct 1998 they may not have been able to predict what was going to happen with competition etc in 1999 and 2000, I think it was reasonable for them to cancel. It would have been better if they delayed the cancellation, but perhaps there is some rule against that. On the positive side, observe that LP and others would have benefited (since they were selling a few shares) from a "supporting buy-back effort". They did not attempt to take advantage of this. Perhaps we are making too much of a small thing. Given the stock behavior, we are looking for all kinds of reasons. All of us. Its only natural. Joseph