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

To: N. Dixon who wrote (957)	10/6/1998 10:13:00 AM
From: Mama Bear	Respond to of 50499

ND, I thought you didn't like it when folks posted misleading statements. Don't you think it's misleading to continue to make this claim that they can sucker Ailorous into paying 15, when you know it isn't true? It will be interesting to see the first 'floor' price that REFR sets. It is not realistic to expect that it will be 15. REFR filed this S-3 because they wanted to sell stock. It really is as simple as that. Ailorous did not reveal how much REFR they bought in the open market. A look at the chart suggests that REFR is under distribution, not accumulation as you claim. FYI, the Babb's are father and son, not brothers. I believe the research on the short side is putting your 'due diligence' to shame. But that's just my opinion. Barb

To: N. Dixon who wrote (957)	10/6/1998 11:54:00 AM
From: Jonathan Babb	Read Replies (2) \| Respond to of 50499

Dixson - From my understanding of the filing, $15 is the maximum price Ailourous would ever have to pay for REFR stock, not the minimum. Can you please provide facts that show otherwise. What you say is not consistent as my father has already pointed out. If $15 was the minimum, then Ailorous would have an incentive to immediately buy the stock on the open market until the price reached $15, as the price is currently less than $15. Jon

To: N. Dixon who wrote (957)	10/6/1998 12:40:00 PM
From: Roger A. Babb	Read Replies (1) \| Respond to of 50499

Dixon, I have asked several knowledgable people to review the REFR S-3 filing. Each of them read that the $15 price is a ceiling, not a floor, for the puts and also that the buyer can NOT be required to buy stock at greater than 92% of the preivious days average trading price. Does anyone else agree with Dixon's statement that: "It just so happens that in this case REFR can put the stock at $15 EVERY SINGLE TIME so Ailorous must think it will be at least worth THAT much because that is what they will have to pay if they want it."