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To: bobby beara who wrote (81598)	12/30/1999 3:10:00 AM
From: Tim McCormick	Respond to of 86076

XLA is a bit like this one-UFB Santa Barbara, California Dec. 29 (Bloomberg) -- Ants Software.com, a 20-year old software developer with no revenue, sold stock valued at $4.8 million over the past two months even as it warned investors it may go out of business. Ants did so by selling about 500,000 shares of restricted stock at an average price of $9.60 each, or about half the market price of the company's stock on the day of each sale. Its shares lost half their value in the past week after Ants repeated the ``substantial doubt' expressed in July by Jaac Olesk, the company's independent auditor, about its ability to stay in business. Ants Chairman Donald Hutton said he can't explain why the shares, which traded below $1 in August, soared more than fifty- fold in four months, trading as high as 55 5/8 last week. Ants fell 12 5/8 to 21 1/8 today, on trading of 746,100 shares, after rising as high as 32 this morning. The company -- based since January in Hutton's Santa Barbara, California, home -- warned investors on Dec. 13 that there is ``substantial doubt' about its ability to continue as a going concern. Its net worth was $136,130 on Oct. 31. The value of Ants' 12 million shares closed today at $253.3 million, down from $384 million this morning. ``It's a casino. It has nothing to do with value,' said Hutton, describing the wide price swings of his stock. ``It's the damnedest thing I've ever seen.' (more) bloomberg.com