To: Bill Wexler who wrote (8762 ) 2/9/2003 11:03:03 PM From: N. Dixon Read Replies (1) | Respond to of 10293 Bill, I was around when you were posting on the REFR board in 1998 to short at 8 and it would soon be under $1. It went to $40. I'm sure everyone has made money and lost money in the market. But that is not the issue. You stated in this post to me:Message 18546173 2) How do you explain the extraordinary number of picks that you and West Highland have in common? Especially your ability to post a message with nine picks, every one of which was a West Highland holding. IT'S CALLED COINCIDENCE. I TRADE A LOT OF STOCKS, I SHORT A LOT OF FRAUDS...MANY OF THE FRAUDS ARE UNDER ATTACK BY MANY SHORT SELLERS. JUST ABOUT ANY ACTIVE TRADER WILL HAVE A PORTFOLIO WHICH WILL MATCH UP WITH SOME MUTUAL FUND'S POSITIONS, HEDGE FUND'S POSITIONS ETC. I HAVEN'T STUDIED WEST HIGHLAND'S POSITIONS, BUT I WOULD BE WILLING TO BET THAT THEY HAVE TONS OF STOCKS WHICH I NEVER EVEN LOOKED AT. Maybe you should take another look at the circumstantial evidence and then figure out the odds of this being a "coincidence."asensioexposed.com Another observer pointed to a recent message that named nine short picks. Wexler was asked to explain the astonishing coincidence of all nine turning up in the holdings of a hedge fund located in the city where he lives. And not just any hedge fund, but Asensio's longtime client, West Highland Capital. Wexler never answered the question. Coincidence? Or Smoking Gun? The nine stocks were just the beginning. Wexler actually commented on 41 stocks held by West Highland between 1998 and 2002. Often (though not always) its position was fairly small for an institutional investor. Such a holding is frequently a marker for a far larger short position. The 41 stocks are shown in the chart, which includes both long and short picks. Obviously, many are small, little-known firms. Is it mere coincidence that Wexler knew enough about every one to offer an opinion? And that seven of the 30-odd short picks were targeted by not just by Wexler, but by Asensio as well? 3Com Earthshell Med-Design Able Telecom Egghead Software Research Frontiers Actrade Gardenburger Smart Serve Online Altair GummTech/Matrixx Turbochef Aremissoft Hemispherx Biopharma Valence Technologies At Home Hollis-Eden Pharma. Viropharma Avanir Pharma Identix Visionics Avant IFX Corporation Waverider Biotime Intel Xybernaut Britesmile Keravision Westell Technologies Chromatics Color Sci. Lernout & Hauspie Zi Corporation Covad Communications Macrochem Zixit Data Race Mannatech Zonagen Dell Mechanical Technologies Just as striking are Wexler's messages that name multiple stocks. With thousands of stocks trading on U.S. exchanges, someone who picks three to 10 has very little chance of having even one match with a small hedge fund. And infinitely less chance of matching the fund three times out of three, or four times out of six, or seven times out of nine. Yet, Wexler repeatedly beat the extraordinary odds and did precisely that. People Are Talking The finding of so many matches between Wexler's picks and West Highland's portfolio has fueled talk on Internet message boards that Wexler is a pseudonym for someone at the fund. The odds-on favorite for "Most Likely to Be Wexler" is Mike Wilkins, manager of West Highland's short portfolio. Former SEC accountant Robert Lowry describes him as a "personal acquaintance" of Asensio, who has acknowledged working with Wilkins on reports about one target. Wexler is aware of the talk that he is actually Mike Wilkins. Evidence that he has either admitted or denied the rumors appears elusive. The Bottom Line It looks fishy, to be sure. But determining who Bill Wexler is with certainty will probably require filing a subpoena for records from Silicon Investor. Until someone does so successfully, investors will have to reach their own opinion about Wexler. Was he truly offering independent advice? Or presenting himself as a crusader against deception while promoting the fortunes of an undisclosed institutional investor? ********************************************************* ND