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To: BN who wrote (12356)	2/22/2001 4:52:45 PM
From: Phil M	Respond to of 13157

BN-- If you were Mr Malone, what would you do in this market climate? A lot can happen btwn now and the end of March. Rgds PHILM

To: BN who wrote (12356)	2/22/2001 6:16:49 PM
From: mike.com	Read Replies (1) \| Respond to of 13157

Now why would John Malone exercise options at 13 when the stock is trading at 5? He's certainly not stupid. Besides, the intent of Liberty's investment was to fund the company into profitability. The FOO gave the company plenty of cash to see that through. Notice how they are preserving that cash by purchasing Intellocity with stock instead of a cash deal. Now, if Malone is still committed to owning the 26% of the company that he has previously stated, it would be wise to just purchase those shares on the open market. This should definitely benefit the share price, but in this market nothing is certain. Remember that Malone purchased almost 900,000 shares on the open market last summer for prices in the $14-15 range.