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To: igor who wrote (11303)	7/22/1998 5:18:00 PM
From: llamaphlegm	Read Replies (1) \| Respond to of 164684

Glenn, Igor, John Ke: I've heard a .33/share loss and .44/share loss -- which is it? Is one forward looking pro forma and one for past quarter or does the former exclude any kind of extraordinary expenses, one time charges etc.??? What is up. John: Note what was not announced. 1. No major m&a activity. 2. No stock split. 3. No break out of music business. 4. No extension into new lines (guess TMF will have to buy its perfume, cigars, toys, and videos elsewhere in the interim). Also, you had suspected that cpq and intuit announcement would merely be a prelude to bigger stuff, does it now seem to you that it was merely to keep price pummped up til earnings ... i still can't really crack that nut. IMHO stock is toast over the next 2 quarters. Slowing q-to-q growth and a slower growth rate than bks. LP

To: igor who wrote (11303)	7/22/1998 5:24:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 164684

igor, you are correct. Note also that, if you deduct the goodwill ($52mil), tangible net worth is negative $13 million. And that's assuming that the $5.4mil they added to "Deferred charges" and the $9.2mil added to "Prepaid expenses and other" have some tangible value and should not have been expensed. Does their new loan agreement have a minimum tangible net worth covenant? So, do we know yet what they bought in those three acquisitions for the $58 million they paid for intangibles? Bob