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To: Glenn D. Rudolph who wrote (91203)	1/17/2000 1:02:00 PM
From: H James Morris	Respond to of 164685

Glenn, Merrill brings out Neoforma.com (Neof) of Santa Clara this week. Medical-product B2B e-commerce. Price range 8-10, 7 mil shares. To be sure, some companies in the pipeline still sport 20-something executives. But these are more the exception now than the rule. Rather, Neoforma.com Inc., which is expected to come public this week in an estimated $63 million offering led by Merrill Lynch & Co., is a better example. The company, founded in April 1996, runs an online marketplace that trades in medical supplies. Last year, before filing for its IPO, co-founders Jeffrey Kleck and Wayne McVicker stepped aside as chief executive and president, respectively, to take senior vice president positions, hiring Robert Zollars as chairman and CEO. In this case, age wasn't an issue: Mr. Kleck is 39, while Mr. McVicker is 40. Rather, Mr. Zollars, 46, brought with him the needed experience in the health-care supply field because he had been a top executive at Cardinal Health Inc. Mr. Zollars soon filled out most of the senior management with other outsiders in the following months. Neoforma's transformation is played out to varying degrees at a host of companies in the IPO pipeline, including online retailer Buy.com Inc., Internet access provider Telocity Inc., and Internet software maker Extensity Inc. Investors like to see more-seasoned management. "When I'm reading a prospectus, I want to see that [top executives] have run a successful company before," said Arden Armstrong, manager of MAS Mid-Cap Growth and Small-Cap Growth funds in West Conshohocken, Pa. If they don't get you @ least a few pre-Ipo shares have Mark Fowler get you an account with MSDW. Ps It looks like Neof will be a competitor of my soon to IPO MediBuy (Mbuy). Mbuy is a Goldman deal, funded originally by Kleiner, I just wished Mbuy would have been first out the gate.:-(