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To: JSB who wrote (49256)	8/12/1999 10:01:00 AM
From: Aggie	Respond to of 95453

JSB, Good Morning I've had my eye on FGI for some time now, and have been preparing for a purchase sometime in the coming 2-3weeks. I think there is a minor correction still in store, either for HLX or FGI. Don't forget that HLX will, upon formalization of the merger, trade at 1 HLX = 0.4614 FGI, which at current prices, equates to about a 10% discount on FGI stock. My feeling is that the stock has been strong throughout a good portion of the downturn, and will recover sooner than many think as a result of rig re-commissioning (from stacked condition). Regards and Good Luck Aggie

To: JSB who wrote (49256)	8/15/1999 12:13:00 PM
From: SargeK	Read Replies (2) \| Respond to of 95453

08/12/99 Institutional holdings of HLX decreased significantly. moneycentral.msn.com I find this somewhat surprising. The most recent info I have available indicates 180 institutions holding 11.9m shares (41.2%) with the top ten insiders controlling 827k shares (2.83%) of a total (diluted) 28.86m. Contrast this with FGI with institutional holdings of 5.6m shares (24%) and top insiders controlling 9.78m shares (41.9%) of a total diluted 23.6m. Holloway owns 7.35m (31.46%). Given the recent earnings history of the 2 companies and the earnings forecasts, I thought the institutions holding HLX would increase not decrease their holdings and the reverse would be true for institutions holding FGI since they could increase FGI share holdings at an 8 to 10% discount by simply buying HLX . It appears the HLX institutional holders may be wary of the increased "Insider" position of the merged company. Interesting……….. With HLX currently selling at book value and with FGI at better than 3 times book, this union should make analysts of both companies scratch their heads. Questions for the accountants out there. How many outstanding shares will exist post merger and what will be the approximate "float". With the 52 week MA of 285.9k HLX shares and 376.5k FGI shares being traded, what is a good estimate of average volume for the new shares? The increased liquidity should make the merged company more of an institutional and Mutual Fund favorite and bring in more individual investors. Coupled with the expected synergies and efficiencies which will be spewing out in the immediate future, I expect volume will be picking rather significantly and share prices to advance rapidly with the discount evaporating as the merger date nears. . Comments???????? TIA K