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To: MeDroogies who wrote (13024)	1/11/2000 12:17:00 PM
From: Greg Jung	Read Replies (1) \| Respond to of 19080

AOL/TWX fine, I might agree with whatever you say re: synergies/whathaveyou. I just want to know where is $120 billion to come from? At some point the tires meet the road and the "market valuation" has an appointment with reality. Maybe this is the deal that produces it. Purporting to "buy" assets via the issuance of stock is a leveraging act, one that AOL has engaged in consistently and everyone else is trying to do the same, as well. In addition to the corporate leverage is the leverage of those holding stock and borrowing against its unrealised value: margin debt is well beyond anything previously witnessed. At some point the dollars are supposed to represent real dollars, and that is when the leverage will fold. That's all I'm saying, and if you are holding AOL don't be surprised if the haircut continues. Greg