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To: zurdo who wrote (2422)	12/15/1998 8:46:00 PM
From: Rajiv	Read Replies (3) \| Respond to of 27722

According to the last 10-Q, the # of outstanding shares is around 13.5 million. You will also notice that there is a massive convertible involved which (including the attached warrants) can lead to another 15.5 million shares (you can read the S-3 filed this summer) - Only a fraction of these 15.5 million potential shares are included in the # in the last 10-Q. There has been a runup in the stock after the 10-Q was filed. I am assuming that a few million shares were added to the float in the last few weeks through conversion of the preferred stock/exercising of warrants. You will also notice that the convertible deal was done in May. You will also notice that the short interest jumped around that period. My guess is more than 75% of this short interest is from the convertible holders who have locked in their selling price. They will not be squeezed out even if the stock price hits 100 as they have a cheap discounted source. I do not know how many shares were added in the last few weeks. My guess for the # of outstanding shares is 16 million. It is definitely more than 13.5 million by a few million. My guess is that the current float is more than 10 million. My guess is that the convertible holders are still selling into all rallies - they can continue to do this for a long time. Regards. Rajiv