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To: Urlman who wrote (13756)	9/3/2002 11:55:29 PM
From: SI Brad	Respond to of 57684

> Hi Brad, > I wonder how many shares of YHOO CMGi has left? > Could see the same thing happen with them. Zero. CMGI sold the last of their YHOO more than a year ago (August '01). The last chunk was less than 600,000 shares, and it was fully hedged (so arguably they sold it back in 2000). I expect Softbank will sell the rest of their holdings six months from now (about 40 million shares), and Jerry Yang has recently started dumping some large pieces of his 40 million shares. Offsetting that future liquidation pressure is the fact that Yahoo can easily buy back both positions in their entirety at today's price. There is also a 40MM+ short position. Given the massive supply (Softbank + Yang) at higher prices and the massive resistance below $10 (company buyback + short covering), it seems unlikely that Yahoo will trade outside of a $7 - $20 range for the next year. Brad