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To: Mike Buckley who wrote (24580)	1/19/2004 10:16:35 AM
From: Art Bechhoefer	Respond to of 60323

Mike, regarding institutional ownership, I'll try to find out more about what "institutional" means in terms of the statistics. It may be that the term applies to shares held by funds, trusts, pensions, or individuals where the value of holdings exceeds a certain minimum amount. I think it would be useful to know, for example, the number of large shareholders (street name, funds, or other) whose holdings are valued over $500,000 (i.e., holding more than 7,000 shares in one account) and what percentage of outstanding shares are held in accounts valued over $500,000. The universe of larger shareholders would be a good proxy for the "market" for SNDK, and of course it would be nice to be able to monitor changes in those holdings. I suspect that in the end we will have nothing more reliable than insider transactions and will have to make do with that. If I learn anything more, I'll let you know. Art

To: Mike Buckley who wrote (24580)	1/19/2004 10:48:52 AM
From: Howard R. Hansen	Read Replies (1) \| Respond to of 60323

I've tried to find the definition of "institutional ownership" Here is how NASD defines institutional holdings Definition obtained from: nasdaq.com Click on "Description" to get to definition. "Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission. Major institutions are defined as firms or individuals that exercise investment discretion, over the assets of others, in excess of $100 Million. Major institutions include financial holdings companies, banks, insurance companies, mutual fund managers, portfolio managers, self managed pension and endowment funds. The report is limited to equity securities, including common and equivalents, convertible preferred and convertible bonds. The report does not include fixed income, real estate, or cash equivalents. Reports are filed within 45 days after calendar quarter end with the vast majority of updates occurring near the 45th day of the quarter."