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To: Robert Floyd who wrote (18908)	4/13/1998 7:44:00 PM
From: Chuzzlewit	Respond to of 95453

Robert, how you interpret the shelf offering depends on how they raise the cash and what they intend to do with it. If they borrow money to buy back stock I would view that as mildly positive to neutral because it means that they believe that repurchasing GLM shares represents the best investment they can make on behalf od their s/h. OTH, borrowing money to expand the fleet is very positive. Issuing equity for any purpose in this market is negative because it is indicative of "over-valuation" in the company's view. TTFN, CTC