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To: drakes353 who wrote (27759)	2/7/1998 2:04:00 AM
From: Marshall	Respond to of 33268

Part of my response to you in the clubhouse. I don't know, if these privates had a good idea substantial news was still a ways off, and if they some sort of "thoughts" that the shares would continue to go lower, why wouldn't they have started shorting some around the $6 range, offshore of course. I realize there are words in the paperwork that says they can't do this but I've heard it does happen on occasion. If they get caught it can be called breach of contract but I hear it can be a little hard to detect when done out of the states. Just my thoughts but if they've done this that would mean some portion of their conversion shares would merely go to cover their short position so the price could remain stable to lower. If they haven't I'd think it would be to these guy's advantage to somehow "hope" the price started to trend up - they'd be making a little extra profit that way and due to a rising price they'd end up having to deal with less total shares. I can't imagine them wanting even more shares unless they're aware of something that's coming in the future. I'll see what I can find out about any charges but I doubt if I can get a figure.