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To: Victor Lazlo who wrote (144023)	7/22/2002 12:12:10 AM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 164684

I've got a better theory wrt paypal. 1. Most of paypal's business is ebay 2. Ebay is intent on creating their own paypal clone, (although their first attempt failed) and bringing the revenue stream in-house. 3. Paypal mgmt is smart enough to see the writing on the wall and wants an exit strategy rather than letting their nichey company whither away as larger competitors take over 4. Whitman is a frugal acquirer and played hardball. Dragging this options exercise issue into the picture is cheap tabloid journalism. How about cutting out 90% of the piece and distilling it down to this- Others said PayPal may have realized that if it spurned eBay's advances it would face stiffer competition from an Internet powerhouse that could afford to pour more money into developing its own online payment service. Umm, yeah. And this has WHAT to do with stock options? Lizzie