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Technology Stocks : Aware, Inc. - Hot or cold IPO? -- Ignore unavailable to you. Want to Upgrade?

To: Jay Lowe who wrote (3473)	4/30/1998 1:50:00 PM
From: Herschel Rubin	Read Replies (1) \| Respond to of 9236

Re: Ramifications of insider sales & registrations to sell. My take would be the following: 1) Insider sales aren't always a good indicator of a company's prospects. We need to know the TOTAL holdings of each insider to see if the insider is selling a substantial % of holdings. Insiders often sell because they need cash for a large personal purchase like a new mansion, etc. 2) If the company is in discussions with a buyer (which is likely after what I heard in the conf call), it is logical that some insiders may want to sell into the initial buyout announcement, hence the registrations of intent to sell. In the conf call (which I taped), Bender was asked if AWRE had a poison pill to prevent a takeover and his reply was: "We are always looking for opportunities to increase shareholder value, but beyond that, we can't comment..." 3) One possibility is that Bender may be joining the company that might be buying out AWRE and he has to unload some of his shares to avoid the appearance of impropriety. 4) In low liquidty stocks, sometimes insider intent to sell registrations actually precede good news because insiders want to have their registration in place so they can sell into the news when there is strong buying volume. Jay, who is CALHJ? BTW, Aware has had a good volume day so far. Maybe we'll see $13 in the next few days.