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To: Amy J who wrote (178999)	8/10/2004 10:20:46 PM
From: robert b furman	Respond to of 186894

Many might call his founder Larry Ellison. Bob

To: Amy J who wrote (178999)	8/10/2004 11:21:33 PM
From: rkral	Respond to of 186894

OT .. Amy J, re "isn't Siebel the founder of his company? If so, would the issue for him pertain to his founders shares?" Good point! Tom Siebel reduced his ownership in Siebel Systems from 37.8% in Oct 96 to 11% in Mar 04. Based on 521.8MM shares outstanding in Mar 04, Tom Siebel reduced his founders shares by 139.8MM shares. During this same time, and assuming he sold all of the option shares he exercised, he only sold 8.9MM shares from option exercises. (Share numbers are split adjusted to Mar 04.) However, I believe Huey is correct about SEBL having negative cumulative core earnings since its IPO. And had the income statements reflected these core earnings, it is doubtful Mr. Siebel could have sold his shares for such a large profit ... founders shares or not. Ron P.S. Numbers are from DEF 14A proxy filings.