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To: Trey McAtee who wrote (22781)	10/23/1997 8:41:00 PM
From: mike iles	Read Replies (4) \| Respond to of 53903

Trey, yeah I think Steve A and the board of directors have a lot to answer for. Keep thinking that last year after the run to $90 (early '96? not sure about the dates) they had a god-given opportunity to raise $1 1/2 to $2 billion in equity with a measly 10% dilution. A slam dunk. The only reason I can think why they didn't is that they thought the stock was undervalued. Analysts were forecasting $15 in EPS so they were probably thinking the stock was worth $300 or something. I might have the numbers wrong but think the psychology is right. These guys have displayed a grievous lack of judgement. Say the stock goes to $300, so what ... 10% dilution is a fly speck (sorry Skeeter ... BTW I agree about the GTW release, very misleading. I read the text first & thought looks like these guys made a profit, although a small one, before the 'nonrecurring' charge. Then you look at the income statement and they lost $24 million from operations before the charge. Fancy footwork!) 'MU ... tanks for the memory (Steve .. I coulda bin a contenduh ..A.)' regards Mike