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To: Tom McIlwain who wrote (61)	7/9/1998 9:35:00 PM
From: BM	Respond to of 192

Thanks Tom, I think the answer to IW's question showed up in today's paper. There was a block of 108,000 shares crossed by Scotia McLeod on the MSE on Wednesday. Since both buyer and seller were with Scotia McLeod, I don't think we can conclude anything one way or another about SM's outlook for IFN. Since SM was the lead underwriter on the IPO, it isn't surprising that they are involved in most of the trading volume. Also, since IFM had the lion's share of the IPO allocation (and over-allotment), the probability is high that someone with other brokerages wanting to buy it would need to buy from someone with SM. Hence it seems reasonable to me that SM will be a net seller overall. Thanks again for the data.