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To: Bob Howarth who wrote (15502)	12/8/1999 4:25:00 PM
From: WTSherman	Respond to of 18016

<Action before LOTUS was NOT normal, not even close. < I think that I said that Lotus was an egregious case. It was up $3 in the last few hours of trading the friday before the deal. As someone else pointed out, this triggered some SEC investigations that resulted in some very bad news for people involved. There's no doubt that news leaks before earnings and takeovers. But, the claim was that arbs would be working with brokers to accumulate based upon inside info, to the tune of millions of shares. I've not seen much evidence of this kind of thing.