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To: LemurHouse who wrote (52295)	7/19/1998 2:27:00 PM
From: Chuzzlewit	Respond to of 176387

Andrew, thanks for your thoughtful response. I believe, however, that it is best to separate the issue of share repurchases from stock options. As Jim Leon has pointed out, repurchasing shares really does not enhance value in the long run unless the shares are undervalued at the time of purchase (but that's another discussion <VBG>). It's really a tax efficient surrogate for a dividend. I believe the cost is the difference between the exercise price and the market price of the stock, and this cost is borne by all existing shareholders. I absolutely concur with your sentiments about excessive remuneration. See my comments to Meathead on this issue. I think we need more irate shareholders. Top management must begin to understand that they cannot continue to bilk unsuspecting shareholders without eventually incurring their wrath. TTFN, CTC