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To: JSD who wrote (197359)	10/14/2002 11:33:52 AM
From: Tommaso	Respond to of 436258

FAX has dipped because management is going to issue rights for the purchase of additional shares at some kind of discount from market price over a period of several days. This will result in some dilution of the NAV. Until the exact conditions are announced it is hard to judge what the effect will be. There may be some short selling going on with the idea of covering using shares purchased at the offering price. There may be some selling just over suspicion and confusion. Anyone who shorted before the decline is sitting on a certain profit. Longer term, I would expect the shares to climb back up from the current 20% discount. They may be a very good buy at these levels. It may be possible to buy and sell the rights. I will wait and see what the terms are. I already own so much FAX that no matter how good it may be, I need to preserve some diversification. Obviously I would have sold, or shorted against the box, had I had any idea that these rights would be offered. I guess this proves that even what seem to be the most straightforward investments have surprises.