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To: iceburg who wrote (266)	7/22/1998 12:41:00 AM
From: simarx	Read Replies (2) \| Respond to of 27722

When they call the preferred as they most likely will, what will happen to the float? Look how quickly the stock dropped after CBS Market Watch came out with their follow-up article. The volatility means that you would be taking a great risk to hold anything over-night, either way: neither a short nor a long should you be. During the day I will be both short and long, you have no idea how much money is being made by day-trading this stock. But, you have to understand how a broker is required to recommend a stock. Any broker looking at this would be at risk to recommend it to a client. Why? Financials: poor earnings coupled with significant dilution. These are the rules and a broker could be taken to arbitration if the stock price drops. An institution would be hard pressed to buy in with the uncertainty surrounding the future offering and structure of the company. So, what we have are the mass of Internet investors riding the waves of hype, press releases, pump and dump artists, and paid promoters. (Oh, and day-traders.) Who is going to walk away with the money: those who took it for what it was. Use your level 2 and make lots of money on it day-trading with your excess cash. Keep the rest in good long-term positions you plan to hold for 12 - 24 months. PS A law recently passed reduced capital gains tax for 12 month holdings to 20%. Make sure you factor this in to your strategy.