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Technology Stocks : Firstwave Technologies, Inc. (FSTW) -- Ignore unavailable to you. Want to Upgrade?

To: Kailash who wrote (107)	12/4/1997 7:26:00 PM
From: Roger A. Babb	Respond to of 1205

Kailesh, I tried to check on the institutional holdings. I don't think it is possible that holdings were reduced by 700,000 shares over the last three months because total volume for the period is not much more than that. I searched the SEC filings and there is only one filing in recent months by an institution. On Oct. 10th, Private Capital Management of Florida reported ownership of 402,000 shares, down from 586,600 in February for a net reduction of 184,600. Someone (maybe them again) sold some shares during the October market mini-crash but I could find no SEC reports of it. The following institutional owners were reported at the annual stock holders meeting last spring: Private Capital Management 586,600 SPS partners 751,600 Bruce Sherman 165,000 As noted above PCM has reduced to 402,000. No reports from SPS or Sherman of any sales.

To: Kailash who wrote (107)	12/4/1997 7:41:00 PM
From: Roger A. Babb	Read Replies (2) \| Respond to of 1205

Kailesh, also from the shareholder meeting, officers & directors owned 1,841,869 shares or 37% (not 67%). I think that they may own more now, but certainly not 67%. The only way I can come up with the 67% is to add the three listed owners plus the officers and directors. But adding the reported 893,000 remaining institutional shares plus the 670,000 shares reported sold plus my shares adds up to more than exist. I think there are some mistakes in the report you found. Can anyone else comment on this or have other sources?