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To: Jay Morrison who wrote (512)	11/15/1997 5:37:00 PM
From: Michael Sphar	Read Replies (1) \| Respond to of 665

Hi Jay, I took this from the S-4 filed in EDGAR on Sept 26. The S-4 was notice regarding the Nov 17 Special Meeting/Vote: Number of Shares Percent of Name and Address of Beneficial Owner Beneficially Owned (1) Class - ------------------------------------ -------------------- ----- Fred E. Kassner(2) 2,085,597 8.3 Robert P. Bernardi(3) 1,745,825 7.0 James J. Leto(4) 126,267 0.5 Robert M. Sterling, Jr.(5) 1,926,825 7.7 Mark T. Wasilko(6) 43,750 0.2 John F. Burton 0 * C. Alan Peyser(7) 21,500 * Robert Ripp(8) 22,088 * Russell D. Hale(9) 125,000 0.5 Brian H. Hajost(10) 14,504 * Directors and executive officers as a group (9) persons 2,147,775 8.5 - ------------------ If Leto only claims 40K shares now, then he has been a net seller recently. I suspect the difference may be definitional, ie exersizable options versus outright ownership. At any rate Kassner, Sterling and Bernardi are most notable in recent holdings. Chances are they have watched their positions decline substantially over recent months and years. Bet they would agree on more ownership by principal players within the company. By the way, total outstanding shares based on these numbers and confirmed in the S4 elsewhere is about 25 million shares as of report generation date. Here's the web page for reference: sec.gov

To: Jay Morrison who wrote (512)	11/15/1997 6:33:00 PM
From: Michael Sphar	Read Replies (1) \| Respond to of 665

FYI, Here's a nice webpage to see reported Insider trades. insidertrader.com BTW it shows about 4K shares being acquired recently, not much in $ value, but at least no reported sales. Insiders may be restricted during this time period due to SEC rules pertaining to Monday's Restructuring Vote/Meeting. In the S-4, there's a table indicating that the float has more than tripled since 1993 growing from 7 million to today over 25 million, this inflation of shares has been a major source of value dilution to long term holders. Monday's vote will give holders of Class A Preferred Stock a 16% stake of outstanding common stock. I sure hope this is a good thing for future stock price performance. So far, holding this stock long term has been a surefire way to lose net worth.