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To: Bill Harmond who wrote (14557)	10/25/2002 3:44:33 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

BRCD breakout intraday

To: Bill Harmond who wrote (14557)	10/25/2002 4:39:59 PM
From: Lizzie Tudor	Respond to of 57684

there are 2 reasons manu is rallying today imo 1) manh results better than expected last night, breathing life into the sector, 2) recent investment by Warburg Pincus and today the grant of a board seat. There is some speculation that Warburg will take over manu but they say thats not their intention. It could be, that the Warburg investment has led to the psft rumor again too. I'm not sure about any buyout right now. Greg Owens is well respected in software, I don't think there's a ground swell of support for replacing the team. Investors like firm's interest in manugistics rd.yahoo.com*http://www.thestreet.com/_yahoo/tech/ronnaabramson/10050447.html OK- at any rate I was looking at getting back into manu during the imminent correction (where the hell is it?) , I'm not overly concerned about missing the boat if the stock is under 3. The reason manu is 200mm mkt cap is their debt (250mm or so), the other guys manh and itwo don't have debt. Lately I've read articles that value companies at their mkt cap + debt (vs. just ignoring debt like we did in 2000). The problem is that doesn't acct for companies that buy the debt down like vitesse did- manu could do the same thing, they have 200mm in cash. But anyway this debt issue hangs around manu like an anchor, since they have a tough time being cash flow positive in this climate. Just the fact that manu can bounce like this really is encouraging... nothing has changed wrt my evaluation of the company or management- its just that the sector fell apart and everybody lost. I will probably buy manu next week after it settles down a bit. L