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To: William T. Katz who wrote (5919)	12/2/1997 5:04:00 PM
From: Rob S.	Respond to of 9124

William, what constitutes"private knowledge" is not informaotin that managment discusses openly at investment conferences. I doubt you would get a court in the land to hear a case with the accusation that there is something illegal about managemetn openly discussing details of their operations at these meetings. The fact that the small investor is further down in the pecking order than large institutional investors, fund managers and brokerage analysts should come as no surprise. Management does these conferences because they can meet many parties at one time rather than go through tens or hundreds of individual calls. It's an efficient way of meeting with the investment community. If the practice and laws were geared to the small investor or to creating a more level playing field for all investors, which they aren't specifically, then managemnt would be required to first issue announcements of all important details of these discussions prior to their being presented or discussed. Even then it is human nature and practice for those working with other human beings to forge closer relationships with their pers and those they meet on a regular basis than is ubiquitously available.