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To: RFF who wrote (6479)	6/17/1998 7:36:00 PM
From: J.S.	Read Replies (1) \| Respond to of 164684

Good find, RFF Check out the AOL board for more discussion. exchange2000.com I smell a rat. We have seen questionable "bearish" rumours that sent AOL down to 75 or so. Also we have the WSJ accounting story. I suspect we are seeing a bull backlash. David Faber on CNBC does not believe this story for one thing. He has been following it for a while and had not heard of any new developments. Read the story carefully! It says " one person said ATT was willing to pay "comfortably above" AOL's market cap of 19B. This follows a statement about sources from both companies. It does not say that a reputable source from one of the companies said the above although this is what tertiary sources are interpreting. The ATT buyout idea is old news. I doubt that there has been a "new offer". As was stated on CNBC investment bankers have been shopping this to both companies for months. AOL is hardly as attractive as a takeover target as it was 6 months ago, because of 1) price appreciation of more than 100% 2) the trade in of ANS for flailing Compuserve on line and cash 3) mounting competition and price pressures. On the other hand, Case and co. would be less likely to sell out now given the recent price performance of the stock. I suspect that when AOL started dropping to 75 the takeover talk was rekindled as often happens to a company whose stock experiences a pullback. Now it is being "milked" by the bulls. It is clear that the professional "bears" (one group of Mafiosos, IMHO) are completely outclassed by the professional "bulls" ( A more supreme class of the same). I would gladly admit that this is for real if someone would point me to a more definitive version of events that conclusively demonstrates that in the last week or so ATT made an offer to buy AOL north of (say) 100/share and that this was rebuffed by AOL. Sam, anyone else, please chime in. Until that time, I smell a rat and a stinky wad of Limburger. Cheers, Joe