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To: paul j. gourley who wrote (2381)	1/31/1998 9:55:00 PM
From: Jonathan Lebed	Read Replies (3) \| Respond to of 27968

My thoughts exactly about it being a Sunday but...DUH, for the last month we were using tomorrow as the date they would be released. Even in the CC....Jenn asked Ira if they will be out tomorrow. I personally doubt it. If I had to take a guess, I would guess that they will be released Wednesday. As for a reverse split....the value of the company DOES NOT CHANGE, DUH! But was XCL trading with a pe of 3 like us? Nope. The bottom line is...reverse splits are deadly to overvalued companys but helpful to undervalued companys like us. WWWWWWWOOOOOOOOOOOOOOOOOOOOOOOOOOOoooooooooooooo!!!!!! JLebed

To: paul j. gourley who wrote (2381)	1/31/1998 11:16:00 PM
From: Roo	Respond to of 27968

off topic Paul, I consider XCL to be a poor example of a reverse split failure because they have been trading at .25 for more than two years with only occasional blips above and below. They pulled the reverse during one of these blips at a time when the stock had been up to .80 and settled back down to .50. IMO, had they not reversed, they'd be trading again today at .25. So I guess I'm saying this is a poor example because they achieved what, I believe, they set out to achieve which was to retain their listing on the AMEX by meeting the $3 minimum requirement. IMO, if they were trading on the OTC instead of the AMEX, they would be back at .25 today. I think the fact that they're trading in the $4 range today is evidence that the auction market (unlike the mm market) works for small companies and reverses. -R