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To: TraderGreg who wrote (518)	7/1/1998 8:11:00 AM
From: jmt	Read Replies (1) \| Respond to of 2493

TraderGreg: I do not argue that it is possible to do a reverse without the proxy. The BOD in some charters may have that ability (acting in their fiduciary role). Also if a controling vote can be achieved with closely held shares, same result. The issue I question is the Authorized shares remaining the same. And the reason I question it is it goes against the spirit of the law. Again I believe a reverse can be done without a proxy, but to assume the authorized shares stay the same cannot be right. jmt