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To: TideGlider who wrote (1612)	9/22/1999 8:05:00 AM
From: tonto	Read Replies (1) \| Respond to of 1754

Investors Research Institute: To: Steve Brandt (3862 ) From: Jeff Morrison Monday, Apr 14 1997 11:00AM ET Reply # of 7552 Interesting e-mail as of today AM As noted, I have purchased a small bloc of shares in GIFS (3,000) and our sister unit, IRI, Inc., holds a larger but currently indeterminate shares in GIFS (144 restricted) and receives income from administering a Membership program in the non-profit Investors Research Institute to which GIFS has subscribed, but that said ... we would be remiss if we failed to indicate that factors creating the potential for GIFS going into play are rapidly intersecting and the bid-ask has moved upwards today very quickly to 1.5312 x 1.5937. There are two mms at the 1.5312 and only one at the 1.5937 ... this shifted within minutes this morning from FOUR at 1.5625 ... so things seem to be popping, with 19,000 vol. already. Where could it go? Because of the relationships above, we're not about to speculate ... but we'd bemremiss if we missed passing on a potential good 'un. What we are hearing is that the shorts MAY, just MAY not be able to cover, having fallen into disarray after their recent exposure ... and we hear that one of the brokerages which was caught with its pants down in this fiasco may be looking for 40k today to eliminate its exposure. Other stuff on the horizon appears to be a nearing report on the assets analysis by the BDO unit ... for the CRIC sale. By the time this gets out, the bid-ask could have already begun to climb ... if there are no shorters left, that will become evident fairly quickly, if we read Art Adams TA report correctly. The short position has been estimated by some to be as much as 50% of the float.<<<<<<<<<<