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To: AugustWest who wrote (1834)	2/21/1998 9:47:00 AM
From: TLindt	Read Replies (3) \| Respond to of 8545

10 Q is up......one thing to note for the next Q? "7. On October 29, 1997, the Company announced a ten year processing agreement with a strategic partner and executed the definitive agreements on January 8, 1998. Under the terms of the agreements, the strategic partner will acquire 10-year warrants exercisable at $20 15/16 per share for 10 million shares of the Company's common stock. Three million warrants vest upon execution of a processing outsourcing agreement and the Company expects to incur a non-cash charge of between $30 million and $50 million dependent upon the market value of the stock on the execution date, which is expected to occur before the end of the fiscal year. The remaining seven million warrants are to vest upon achievement of specific performance targets set forth in the agreement. Any shares acquired by the strategic partner upon exercise of the warrants will be subject to certain transfer and other restrictions." sec.gov

To: AugustWest who wrote (1834)	2/21/1998 12:22:00 PM
From: jjs_ynot	Respond to of 8545

It is this line of thought that prompted me to be so persistent about understanding the BARS downgrade. I prefer and analysts public pronouncements to have a quantifiable rationale such as: slowing or growing sales, accounts receivable changes, operating or R&D expense shifts, etc. When I can find none; the next step is to try to understand the thought and motivations of the analyst. Thus my attempts to goad more information. Very often an analysts recommendations based on personal views have other agendas. I would like to understand what the agenda is going forward in dealings with banking industry key players and investment heavyweights. Some of these might include: - a long-running relationship with a company (both good and bad) - Sponsorhsip of a competitor through a secondary offering (certainly MSFT doesn't need this) - Positioning and preparing an IPO for market in the future and acting as investment banker in the near term for this same start-up company. Is BARS connected to one of the start-ups in this area? All of these may be foolish but lacking information; one doesn't know what view is being serviced by an analyst. Maybe more in-touch participants on this thread can enlighten me as to the motivation and how that might affect the significant (for me) investment that I have in this company.