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To: jimmy who wrote (5881)	12/22/1997 5:44:00 PM
From: Pr-Ac Man	Read Replies (2) \| Respond to of 10368

(1) BNGO gaps up a 1/4 point on the open tomorrow (2) the Market Makers continue to push BNGO's price higher on low to moderate volume. (3) many of you that are waiting on the sidelines will jump in - believing that BNGO is about to take off. (4) Once BNGO reaches 6 1/2, or so, the selling will commence. I contend that much of BNGO float is now in the hands of short term speculators who bought in at 5 1/2 or less, and are looking to make a quick profitable exit. Mr. Rogers looked out upon all the smiling faces and said, "Now, boys and girls, can you say conspiracy theory." Sorry, I don't mean to be sarcastic. But I think it's just a little too easy to explain every jot and tittle as an "MM conspiracy". Sure, I think they know how to manipulate things to their own benefit. But I have noticed that this is the #1 reason given for unexpected price movements on virtually every thread I read, and I just don't buy it. I do think that BNGO was probably strongly influenced by MM's over this last month. But the circumstances were highly weighted in their favor. They knew that they had alot of people by the balls; heavily levered in an investment that literally had a time fuse on it. And as the fuse got shorter, their ability to dictate the terms increased. But we're under different rules now, and they have to deal with the fact that earning's will be on the rise, that the price is currently a bargain no matter how you evaluate the situation, that BNGO holds a strong position in a niche that should be relatively insulated from an Asian assault, etc, etc. Regarding the future of gaming in SC, that was my biggest fear until I saw the numbers regarding how much money video gaming dumps into the SC coffers each year. I, for one, am convinced that there is no way in hell that that plum is going away. Just my opinions. PA

To: jimmy who wrote (5881)	12/22/1997 9:06:00 PM
From: T.K. Allen	Respond to of 10368

Jimmy - There are a few of your points that I agree with and some I do not. Although there surely will be some short term speculators, I think the large majority of the float is held by those with much longer time horizons. I think over the next few months, there will be an ever-increasing number of long term buyers (institutions) if BNGO attains NMS status. In fact, I think NMS status is critical to BNGO's growth over the next year. I agree with you that BNGO needs to start deriving more revenue from sources other than SC VGMs but I do not see this as an issue that will drive BNGO under $5. It will be AT LEAST several months before there is any decision on the "illegal lottery" concept the AG is pushing. Given the pace at which civil court cases proceed, I don't think anybody expects this decision before the end of the 1998 SC legislative session in June. If the pro-VGM forces are smart, they will insist upon SC dropping all existing court cases as a condition of accepting higher taxes and increased regulation. TKA