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To: interesting man who wrote (1236)	8/29/1999 3:36:00 PM
From: Mephistopheles	Read Replies (2) \| Respond to of 2782

For you SNMM insider selling: ragingbull.com Stock Quotes Basic Detailed Chart Research New York - The complex story of Starnet Communications, an Internet based gaming company whose Canadian headquarters was raided on Friday amid an official investigation into the soliciting of illegal gaming and adult entertainment continues to unfold. The stock, which plunged 69% on Friday, hit a low of $3 per share before closing at $4 1/16. With investors anxious for the opening bell on Monday, The-adviser.com has learned that management of the Company, including the Chief Operating Officer, Chief Financial Officer, Treasurer and other officials were busy selling personal stock held in the months prior to the headquarter raid. Management # of Shares John Andrew Carley 170,000 Chris Henry Zacharias 152,000 Jason Earl King 35,000 Mark Nelson Dohlen 200,000 Total shares 557,500 Based on information culled from SEC Forms 4 and 144, some of the transactions that were initiated by management occurred within the past week and all occurred in the weeks leading up to the raid on Friday morning. What makes the trades unusual is that the shares were sold at increasingly lower values - something that a vested management team in a growing industry normally does not do. Management, which issued a carefully worded press release on Friday, did not deny the possibility of any charges but indicated that no charges have yet been filed The Canadian headquarters are rather large and consists of 27,500 square feet of commercial space at 425 Carrall Street, Vancouver, British Columbia. The facility houses all of Starnet Canada's operations including production, technical, marketing, and administration for all of the Company's subsidiaries. Starnet, which claims to be one of the leading developers and providers of Internet gaming systems is no stranger to controversy. On July 26, 1999, one of the Company's Internet gaming licensees announced in a press release that it was starting legal action immediately against the Company and its subsidiaries for $1 billion for abusive breach of license agreement and other items. The Company claims it has not received any formal legal notice of a lawsuit from the licensee in question and has filed a lawsuit for libel. Vancouver police, which dubbed the investigation "Project Enigma" began investigating the Company as early as December 1997 and as of tonight, we understand management has not had access to its headquarters. We have tried to reach management for their side of the story but have been unable to reach them. Although we hold (or held for the matter) any positions in the stock either long or short, we expect the stock to continue to decline as investors try to salvage their holdings.