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To: articwarrior who wrote (51237)	9/15/1999 11:51:00 PM
From: upanddown	Respond to of 95453

Good post, Artic. FGI hardly got hammered today even without taking into consideration the lousy market action. Another way to look at it would be additional dilution. FGI has 23.4M shares out while HLX has 28.9M out. The .4614 ratio would have added 13.334 sh to FGI which would have diluted FGI by 57.0%. The .57 ratio will add 16.473 sh to FGI which will dilute FGI by 70.4%. The additional dilution will be 13.4% and I expected a drop of at least 10% in response. I was very happy to roll out at 11 1/2 and roll into HLX at 5 3/4 which is like buying FGI for $10. If FGI is below $10 on merger date, it is a loss. If FLC is $10 at merger time, it is break-even. If FGI is flat, the HLX return on the arbitrage is 13.4%. If FGI is higher, hmmmm... John