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To: Ice Cube who wrote (7628)	6/14/1998 7:50:00 PM
From: Pierre Mondieu	Read Replies (2) \| Respond to of 10903

I understand you are attempting to help here, so my question here is in good faith: If you are long stock, you have two choices, as you point out. You can either sell your long stock, in your cash account. Or, you can "short against the box", as you indicated. When one "shorts against the box", the means that you are left with two positions. You have your original long shares in your cash account, and you have a short position in a margin account. This is often done to defer taking the gain for tax reasons. But this is where I lose you. Whether you sell your long position or choose to "short against the box", you have still sold your stock. Period. It's just a common tax deferral strategy to do the latter. I maintain that the huge volume we've experienced since March indicates that the stock overhang you've referenced MIGHT have been already sold. Certainly, if we had very little volume, you could be certain that it had NOT been sold. But with the several millions of shares traded, per Alan's post, since March, we can say the trading volume supports the possibility that the shares have been already sold. No?