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To: Courtney Willfore who wrote (65)	10/31/1997 8:20:00 PM
From: r. peter Dale	Read Replies (3) \| Respond to of 181

Courtney - Good buy strategy. Regarding Henry Niman and the thread: I'll give more of a response later. For now, one thing I was surprised to learn: an Uncle of mine is associated with an arm of SEC investigations. He has told me that there have been inquiries about Niman's insider status. Nothing about an investigation but you can be sure they'll be picking apart the Ligand thread. John Reed Stark ( senforce@aol.com ), who contacted me in the past regarding the GIFS debacle ( exchange2000.com ), is one of the SEC monitors of SI. Best wishes, Peter

To: Courtney Willfore who wrote (65)	11/2/1997 12:42:00 PM
From: r. peter Dale	Read Replies (2) \| Respond to of 181

OFF TOPIC Courtney, part of my response will be by analogy. You will soon appreciate that SI attracts extremely few participants who are well informed, objective, and concise. Those who, upon first blush, appear both sharp and deferential, are almost universally undermined by their financial stake in the ideas/companies they're promoting. And the presentation of 'facts', as I'm sure you've noticed with Niman, is often used as an avenue of obfuscation, rather than consolidation and clarification. Again, I refer back to my experience on the GIFS thread. This small company was heavily promoted by certain stock newsletters last fall and an SI thread emerged containing an enthusiastic thrall. One participant in this thread, Caroline Bogart, was the dominant voice, clearly well informed, clever in spirit and writing, and able to invoke investing confidence bar none. Few on the thread appreciated the scant dissension especially since Caroline had a snappy, apparently well reasoned answer for heretics. Her influence was complete, her command of GIFS minutia was daunting, and her followers were storm troopers for the cause. And she was wrong, full stop. The SEC halted trading in the company this spring upon allegations of pervasive stock manipulation and unfathomable financial irregularities. GIFS no longer exists and many investors lost multiple thousands of dollars. My impression is that Ms. Bogart was not a participant in the fraud; she was laid waste by her greed and deceived by her own cleverness to overwhelm her audience with 'facts'. Caroline Bogart currently places messages on SI once every 1-2 months. During the heyday of the GIFS thread, she posted ~10 times a day. Deja vu? More later. Best wishes, Peter