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Technology Stocks : Research Frontiers (REFR) -- Ignore unavailable to you. Want to Upgrade?

To: RMP who wrote (887)	10/3/1998 6:30:00 PM
From: R. M. Rosenthal	Read Replies (3) \| Respond to of 50032

Babb's broad analysis also fails under his item #2, because REFR deal further protects against "floorless" aspect, specifically providing: <<(f) Subscriber, and any person acting in concert with Subscriber, currently has no existing short position, and during the last 20 trading days had no short position, with respect to the common stock of the Company and agrees not to enter into any short sales or other hedging transactions with respect to any securities of the Company at any time after the execution of this Agreement by Subscriber and so long as any Warrants are held by or for the benefit of Subscriber or its affiliates or persons acting in concert with Subscriber or its affiliates or any Warrants are outstanding.>>

To: RMP who wrote (887)	10/3/1998 7:25:00 PM
From: Alastair McIntosh	Read Replies (1) \| Respond to of 50032

Re: No longer floorless There is nothing in the PR that indicates any floor to the price. There is, however, a ceiling of $15/share. Looks like Ailouros got a sweet deal. However you want to spin this, more shares are coming onto the market at a discount (giving Ailouros an instant risk free profit of 8%) to provide cash for REFR and to dilute existing shareholders equity. By the way short term TA is meaningless here. Also, appears that the short position is only 4% of float. By the way, it won't be "short if you dare", it will be short if my broker can borrow shares. Excellent risk/reward ratio for a short play. Al