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To: george eberting who wrote (664)	1/26/1998 2:07:00 PM
From: David W. Tucker	Read Replies (1) \| Respond to of 7701

My take on this announcement is that NorAm must be trying to become the principal partner in a buy-out or merger, or they want to IPO more shares which is unlikely in view of the current share price. I do not think NorAm is acting as though they expect to be rolling in cash from VLT's in the near future (next 6 months), so they might need cash for other projects. Their negotiations in S.A. are going well, but they don't have cash to work with. If they can prove pending income from VLT's, a banker might be willing to finance them. Can they do all this and still show a profit? I must assume that something else is coming out concerning the VLT's, otherwise I can't see a reason why the VLT's weren't mentioned, especially knowing that the entire shareholder base is waiting for it. It's nice news for the big picture, but still leaves me with piles of questions. Just my first reaction... dave

To: george eberting who wrote (664)	1/26/1998 2:25:00 PM
From: Carl Jackson	Read Replies (4) \| Respond to of 7701

"NorAm intends to use the services of Starr in the very near future for assistance in the area of mergers and joint ventures". Several points: 1. This gives us a reasonably strong hint of what is/might be to come. Simply put, they have retained the services of someone skilled in negotiating mergers and joint ventures. If I had to guess, the buyout will be of Noram rather than a cash poor Noram buying out anyone else or forming another JV. 2. I find it interesting that a news release on mergers and JV's came out before any update on the status of the VLTs. I would have expected a release/update on the status of the VLTs if this was designed only to raise the price of the stock and keep everyone happy. But this release focuses on a different and more important activity and sends a clearer message. It says that this news is bigger than the VLT's or any other negotiated or semi-negotiated deal. (Also, apparently, we are still in the "QP" for the VLT issue but I'm not worried about it. 3. I think this is the first of several news release to be expected during the next several weeks. I also think that people will start to get interested. 3. Go back a few weeks when George was out of town for nine days and in conference with some "big firms" and someone advised him to, as MBA says "keep his lip zipped"; could this be the source of that advise and what were they discusing at these meetings that required this zipped lip. P.S. EZ, you seem to be busting at the seams with information that you have obtained through your own DD and, much like the MBA of old, are hinting at but cannot reveal....