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To: George Dawson who wrote (12782)	12/1/1997 9:21:00 PM
From: Craig Stevenson	Respond to of 29386

George, <<I think Brocade may be making a marketing mistake themselves, by producing too much positive news before the IPO. If they really wait until late 1998 - I will be very cautious about the share price. It might be more than fairly valued.>> I had the same thought today. It's hard to argue with success though, and Brocade hasn't made too many blunders so far. Craig

To: George Dawson who wrote (12782)	12/3/1997 10:12:00 AM
From: Paul F. Dalbo	Respond to of 29386

<<I think Brocade may be making a marketing mistake themselves, by producing too much positive news before the IPO. If they really wait until late 1998 - I will be very cautious about the share price. It might be more than fairly valued>>. My view is that Brocade is not making a mistake but rather optimizing their short term market prospects by playing up positive news well ahead of their IPO. They also are taking the leadership position at least in marketplace perception which they can then take to the bank with increased sales. The key goal in any IPO is to maximize the capital raised while minimizing the shares (ownership percentage) that you need to give up to raise the required funds to meet a company's strategic business plan. My hat's off to them as they've generated sufficient venture capital funds to grow the business until the market is in a fibre channel frenzy (my hope for late 1998), then the IPO stands to be even more successful than if it went public today. My view of IPO maximization anyways.