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To: hcm1943 who wrote (423)	10/16/1998 4:33:00 PM
From: Intrepid1	Respond to of 520

HCM, correct me if I'm wrong but isn't Stephenson in South Africa at the WAEA conference? If that is the case it looks like Geller once again is waiting for Stephenson to return to clear up the mess. If there is no floorless conversion going on then the sellers are likely those insiders who recently registered the sale of approx. two million shares. Either way, the stock is either the buy of the century at these prices or I am in deep shit. have a good weekend purething

To: hcm1943 who wrote (423)	10/16/1998 4:41:00 PM
From: Intrepid1	Read Replies (1) \| Respond to of 520

My guess is one or more of these groups are selling! Note the company registered 200% of the shares offered in this Prospectus by MCM,CCI, and PHI. These are the bandits my friends! SUBJECT TO COMPLETION, DATED JULY 15, 1998 PROSPECTUS 2,290,814 Shares INTERACTIVE ENTERTAINMENT LIMITED Common Stock This Prospectus relates to the offer and resale by certain selling shareholders (collectively, the "Selling Shareholders") of up to 2,290,814 common shares, $0.01 par value per share ("Common Stock"), of Interactive Entertainment Limited, a Bermuda exempted company ("IEL" or the "Company"). Of the shares offered hereby, 560,770 shares are being offered by Marshall Capital Management, Inc. (formerly known as Proprietary Convertible Investment Group Inc. ("MCM")), 560,770 shares are being offered by CC Investments, LDC ("CCI"), 112,154 shares are being offered by Palisades Holdings, Inc. ("PHI"), 1,035,120 shares are being offered by Henderson International Investments Limited ("HIIL") and 22,000 shares are being offered by Jay Jacobson. See "Selling Shareholders" and "Plan of Distribution." The Common Stock to be sold by MCM, CCI and PHI was issued in connection with a private placement of convertible preferred securities and warrants to purchase Common Stock (the "Private Placement"). The Company has agreed with MCM, CCI and PHI to register 200% of the number of shares Common Stock which could currently be issued upon conversion of the preferred shares and exercise of the warrants purchased as part of the Private Placement, which shares are included in the 2,290,814 shares of Common Stock offered hereby. HIIL purchased 748,997 shares pursuant to a Subscription Agreement with the Company dated October 22, 1997 and amended April 2, 1998 (the "HIIL Subscription Agreement") and 286,123 shares pursuant to a purchase on June 5, 1998 on the same terms and received, as a term of its investment, the right to include such shares in a registration statement filed on behalf of MCM and CCI. Mr. Jacobson received his shares of Common Stock to be sold hereunder pursuant to an agreement in March, 1997 to settle certain amounts owed by the Company for financial relations services previously performed by Mr. Jacobson on behalf of the Company. See "Risk Factors--Shares Eligible for Future Sale; Possible Effect on Additional Equity Financing."