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To: Doughboy who wrote (3008)	10/27/1998 3:53:00 PM
From: John Solder	Respond to of 5232

Come on. Sanjay needs some pocket money too.

To: Doughboy who wrote (3008)	10/28/1998 11:35:00 AM
From: paul greenspan	Read Replies (1) \| Respond to of 5232

Even though I didn't think much of the bonus that was given to CA management, I wouldn't think too much of them selling some stock. I'm sure that they have some hefty taxes to pay this year. What you should really be worried about is the sales that CA is losing to Tivoli/IBM. :-) Paul

To: Doughboy who wrote (3008)	10/28/1998 7:18:00 PM
From: Edwarda	Respond to of 5232

Hey, cool your jets for a moment. First of all, john Solder has a point. Everybody monetizes from time to time. But there are a couple of things that should be kept in mind. First, the stock grants were approved years ago and were based on the stock's achieving and maintaining a price. We, the shareholders, knew this (if we did our homework), yet we bid the stock up and kept it there. We gave them the stock grant. Second, and more important, keep in mind that these guys had the option of having the taxes deducted from the total grant. They elected to borrow to pay the taxes and take all the stock. Now think of the bath they took when the stock cratered on their summer caution about a slowdown in mainframe software. A tax bill based on the value of the shares at the time of the grant and interest on borrowing that tax amount. I am no special fan of Charles and Sanjay, but I think that this time they were definitely shooting straight. And have been clobbered for it. As I understand it, what happened was that they heard about large mainframe software deals stretching out, going away, getting smaller, etc. for reasons with which you are already familiar at a high-level sales meeting. The Board was informed the next day and the conference call took place the following day. And they took a bath personally. Now other companies that were scoffing at the notion of Y2K remediation issues (PeopleSoft, Baan, Manugistics, need I continue? Not to mention macroeconomic issues and maybe the Euro) have been brought to their knees. SoundView just held a conference call to discuss how technology companies, hardware as well as software, are finding the trajectories of their revenue stream affected by Y2K alone. This company's history may not be the most savory, but everybody should be given a moment's credit for being grown up. Sanjay has some daunting borrowing in terms of debt service. Might he not be monetizing to get rid of the debt?