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To: Glenn D. Rudolph who wrote (79939)	10/7/1999 10:14:00 AM
From: Jan Crawley	Read Replies (2) \| Respond to of 164684

OK!! The way I see Pcln: 1. Orig. IPO float, 10M shares in Feb/April, 99 2. Trading @$165 in Arpil/May with short interest of 300K shares. 4. Then Delta unloaded 2M shares and other insiders sell(via a secondary) and increased the float to 12 to 13M shares and increased short interests(9/99) to over 6.5M shares and cut the stock price to low $50s/$60s. 5. With the current heavy short interest BUT a very heavy OVERHANG, it's sorta an easy stock to go long/short in small and quick way. The overhang is about 10M shares between now and Feb/2000, and 50M shares after 2/2000. There is plenty of outstanding shares; up to 146M outstanding Pcln shares.