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To: aliveinsf who wrote (13668)	12/29/1999 3:37:00 AM
From: HeyRainier	Read Replies (1) \| Respond to of 118717

Bob, your questions are very welcome. The issues you pointed out are always a possibility for all such spinoffs. The question one has to answer is what size spread is acceptable enough such that the contingent risks are sufficiently offset by the rewards from the spinoff shares. Right now, assuming the receipt of 0.80 shares of PFSW, that translates still to 36 x 0.80 = 28.80 worth of PFSW for each share of DZTK, which closed at 22.50. At the very least, is DZTK worth -$6.30? For me, my answer is that it is at least worth $0.00, which means there's potential still for a $6.30 upside for DZTK, assuming PFSW remains constant. Adjust the results for any other permutation you may want to consider, but the money left on the table is large enough for me to continue considering holding onto my DZTK shares. Rainier