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To: BCfan who wrote (7154)	3/19/1998 6:29:00 PM
From: Leroyt	Read Replies (2) \| Respond to of 27968

Let me be a skeptic: You state: <<However, IRA is on the same boat. His ownership declines as well. So you must believe that the shares are being used to purchase PROFITABLE companies that will contribute proportionally more to the bottom line.>> But if management shares are doubled and the EPS is halved then he's in the same position but the rest of the shareholders are short. But you make a good point. So the real question is: How many shares and options have been issued to management (are there other insiders)? The question assumes that all other shares are issued to those parties for which ALL other shareholders are diluted equally. Thank you for your time and attention. We shareholders really do appreciate you attention to us when the business is moving so quickly. Later, Leroyt

To: BCfan who wrote (7154)	3/19/1998 6:38:00 PM
From: Mark[ox5]	Respond to of 27968

BC Fan, I understand how it works..trust me. Your right, I did mispeak about there being 22M shares at the END of '97.. it is an average for the year. And right now my concern isnt 1997 as long as there are no "non reoccuring revenues" which management has stated there are not... so I have to trust that. I am trying to make a judgement for 1998 and on buy/sell/hold judgements and targets and right now I see 1997 EPS based on 22M and close to double that number of shares in 1998 which cuts 1997 EPS in half if you bring it forward to 1998 . Yes the earnings will grow in 98.. due to core FAMH growth (placement and finance payroll), due to Myriad aquisition, due to NY aquisition, and maybe due to Morton D as well?? (still VERY fuzzy on MD thing) However that all has to do with REVENUE and EARNINGS which is the top half of the EARNINGS / SHARE formula. I would like to know why the denominator has grown so large other than vague terms like " for growth". That's my point. All Ira has to do is write a memo to corporate finance giving him a breakdown of what was issued and why. Actually he should know such things off the top of his head... Frustrated at making this same point again and again, Mark