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To: Rob Anderson who wrote (7853)	1/31/2000 8:10:00 AM
From: hcirteg	Respond to of 10081

Over $8 again in pre-market... 3rd day in a row. What gives? HC

To: Rob Anderson who wrote (7853)	1/31/2000 9:05:00 AM
From: equityanalyst	Read Replies (1) \| Respond to of 10081

Rob, Seconds, etc. - Re: the tender offer. We're institutional investors and we receive proposals like this on a frequent basis. There are a handful of firms out there who make such tender offers (we call them nuisance offers), although they generally tend to be at prices below the current stock price of the target company. Typically, the offer will be for a stipulated amount (like up to 2% of the shares outstanding) at a specific price and expiration date. Sounds great on the surface, but when you check it out, the offer price is usually 20%-30% below the stock's (or bond's) current level. These are vulture firms who prey on the naivete of (uninformed) investors, in hopes that some will respond to the offer. Statistically, if you approach 1,000 different people on the street and ask each of them if they'd like to exchange just one of their old, wrinkled and torn $20 bills for two of your crisp, newly minted $5 bills, you'll probably get about two or three takers. That's what these firms are hoping for. It's not illegal, just unethical. Have a great day !! ea