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To: Andrew Vance who wrote (10633)	1/9/1998 11:22:00 AM
From: Patrick Slevin	Respond to of 17305

ADPT log. Once you passed 4PM EST the trading continued on Instinet. If news was released after 4PM bidders may have disappeared, volume got thin, spread widened; perhaps there were larger lots for exchange between the market but no buyers for them...could be a plethora of stuff going on. It's difficult to read too much into it without 'being there'. That is, without watching Instinet to see what was going on. Of course, superior MMs may have vacated the box and ADPT was left with MMs of fewer scruples, but of this I cannot make a case without having seen the box.

To: Andrew Vance who wrote (10633)	1/9/1998 11:29:00 AM
From: Andrew Vance	Read Replies (2) \| Respond to of 17305

AV -- First 1/3 filled at 23.5 and the next 1/3 is out there at 21.5, if this fills I will be content with an average price of 22.5 for now and pick up the final 1/3 on the way up at the original 24 for a grand total average price of 23 for the entire block. Andrew update: second third went at 21 (lucky me). With 2/3 behind me, the GTC order was placed for 22.375 on the last 1/3 bringing the new average price to 22.375, this may turn out to be a gift down the road. Keep in mind, this is strictly a long term investment much like the precipitous drops of last year by NVLS and such. Update: got a phone call prior to pushing submit key and was informed ADPT was now at 21.5 by 21.625 and that I might have hit the low for now. Seems like the tide of trades has shifted more to the buy side and the recommendation is to raise the GTC to 22.75 or 23.25 just to be safe. I will follow the advice and take it up to 23.25 based on my prior track record of being too soon.