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To: jimmy who wrote (5981)	12/24/1997 7:43:00 PM
From: Alan Cole	Respond to of 10368

That 900K warrants were not redeemed is not necessarily bad for stockholders. This means that the number of existing shares is about 10% higher than anticipated, and EPS will therefore be increased by 10% as well, if earnings are otherwise unchanged. While there is value for the company to have the capital for its use, there is also value to existing shareholders for the number of existing shares to be less.

To: jimmy who wrote (5981)	12/24/1997 10:06:00 PM
From: freeus	Read Replies (1) \| Respond to of 10368

re venting one more time: having lost a few thousand dollars on the warrants (I did however sell mine) I agree that mgmt treated us atrociously. Lowers my resolve to be a long term holder of the shares. Freeus

To: jimmy who wrote (5981)	12/25/1997 1:32:00 AM
From: JakeSki	Read Replies (3) \| Respond to of 10368

Jimmy, Not to flame, but warrant holders are not loyal current investors, they are speculators with no long term interest in the company. If they were/did they would have been ready for the warrant call and converted, or they would have bought common to begin with. I guess I personally don't feel that warrant holders have the right to complain about anything. You pay your money and you take your chances. Its like paying coach fare, then complaining that you didn't get the same food as first class. As far as how management handled the warrant call, I don't agree that they handled it poorly. Doing good for warrant holders was probably way down on their list of priorities, and we don't know the internal workings at BNGO. If I was in management, and had a list of M&A that needed capitalization short term, then the short term call might be worth the risk. I mean, $12M is $12M - and is a lot of working capital for this little company. And the 900K less share dilution is not a bad thing for those holding common. It is all a trade-off, and it is easy to armchair quarterback decisions they make. With all due respect of course, George P