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To: Claudia Benson who wrote (1064)	12/19/2000 5:28:06 PM
From: Eric Fader	Read Replies (1) \| Respond to of 3785

Claudia, you do remember correctly, but I was wrong when I said that because I hadn't read the rule and its exceptions carefully at that time. A company that has 500 shareholders with one particular class of stock - as in Common Stock, Series A Preferred, etc. - as of December 31 of a given year automatically becomes a public company and has to file with the SEC by the following April, whether or not it has an official IPO, so of course it would make no sense not to have an IPO in that event. I think Stay has something like 360 Common shareholders, 160 Series A Preferred holders and 110 Series B Preferred holders (with a lot of overlap from one list to another), so it won't have to be a public company yet. Sorry for the confusion -Eric