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To: Mike Farmwald who wrote (773)	11/13/1997 8:58:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

Mike, according to a Lehman Brothers publication titled "Hedging and Monetizing Significant Equity Positions", an "affiliate with restricted shares" may buy puts, write calls, enter a collar, or enter a "monetizing equity swap" in order to hedge, monetize and defer taxes, all while maintaining voting rights. These insiders may do any of these things even though they would not be permitted to sell outright or to short against the box. They go on to note that "disclosure requirements may also apply." I would also note that in some lockup agreements, these actions are not permitted during the lockup period. Bob