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To: Jeffrey S. Mitchell who wrote (13641)	5/5/1998 4:38:00 PM
From: Andrew Vance	Respond to of 17305

AV--Could you specifically ask about Duke Power(DUK) to your contacts and see if they are in jeopardy. I have no idea whether they are a second tier power company or not. In my book they are a 1st tier company since they generate power. Anyway, I have a great deal of exposure here if DUK is one of the companies that might have a big issue. On the Bio-tech front, I added 25 more May40 PUT contracts on ENMD for close to 3.5 to bring the total to 75 contracts averaging around $3.80 for the day. I also am in the process of accumulating another bio-tech company I have spoken about in the past. It has not moved much but has been thwarted by BMY over the past few months. Interesting information has arisen that seems to indicate the tables are about to be turned on BMY for possible patent infringement. If this turns out to be true, I doubt there will be any real civil penalties this company will go after and litigate. I think they will force BMY to back off in its attempts to blocking this company from marketing its products within the US. The company already has a way to the market in Europe. The stock trades low volume and I want to establish my position slowly without affecting the price. Once I establish my position (50K shares) and if the stock hasn't moved, I will publish my average entry price and shares owned for all to see and evaluate the company. I will also lay out the purchasing parameters (what volumes I bought without affecting the price) such that no one is tempted to buy this stock at an inflated price during any buying spree. Everyone will have to pick away at this stock like I have been doing. It has taken me 2 weeks so far to accumulate 25K shares for the exact price I wanted. Today's volume was 2X the average volume so I was able to slip in a bigger block of 5K shares within 1/16 of my target entry price. As the luster for ENMD, TCLN and other cancer bio-techs cools off and the herd moves to the next group of cancer stocks like RIBI, CGLB, etal., I want to make sure we do not get burned but, rather, positioned for the initial run up. Andrew