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To: LLCF who wrote (78536)	3/11/2001 5:12:30 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 436258

DAK, by the time they went public, akll the tax benefits were out of the window. That "Super Capo gain" applies as long as the assets are less than $50 MM, amnd most of these went public taking in more than $50 MM. An IPO of $10 MM cannot be made any more, the "houses" just don't get enough on such deals. The super cap gain help create a pipe line of companies that would not have been created otherwise, and the street helped in dumping all this expensive paper on the unsuspecting public. Zeev