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To: M. Frank Greiffenstein who wrote (1645)	1/20/1999 5:52:00 PM
From: david james	Read Replies (1) \| Respond to of 3541

These are not 144s which are filings with an intent to sell. These are S3s which represents registering shares. If there was a buyout, it may be that only registered shares are counted - or could be sold. A lot of these may also represent the recent acquisitions, and would still have some restrictions on when they could be sold. It looks to me like 3.5 mill shares traded the last two days and we are up 30%. This does not look like anyone is worried. It was also mentioned on Yahoo that the last full registration of shares was done with an SB-2 (small business) filed back on Feb 3. The S-3 may just be a requirement of a fully reporting company as it moves into the big leagues and out of the SB filing stage. edgar-online.com The SB-2 from last year does seem to have a similar list of owners. David

To: M. Frank Greiffenstein who wrote (1645)	1/20/1999 7:12:00 PM
From: david james	Read Replies (1) \| Respond to of 3541

After a little reading, it appears that the S-3 registration allows majority shareholders (not insiders) to sell their shares without having to file 144s each time. Companies are required to pass several qualifications before they can register their shares this way. I get the feeling that this means we won't be seeing any more filings by Sapp since I do not believe he is an insider any more. S-3: This filing is the most simplified registration form and it may only be used by companies which have reported under the '34 Act for a minimum of three years and meet the timely filing requirements set forth under Form S-2. The filing company must also meet the stringent qualitative tests prescribed by the form. This release by another company helps make sense of it I think. flanderscorp.com Flanders Corp to File Registration Statement Washington, North Carolina, August 14, 1998 Flanders Corporation (Nasdaq:FLDR), today announced it was filing a registration statement with the Securities and Exchange Commission, registering approximately 5,749,000 shares of its stock previously issued and already eligible for resale under Rule 144, 475,000 shares underlying options, and approximately 637,000 shares underlying warrants. The Company described the registration statement as corporate housekeeping. Robert Amerson, President and Chief Executive Officer, stated, "Filing this S-3 is simpler than trying to assist our investors with preparing Form 144 papers whenever they want to sell some of their stock, and decreases the amount of frustration and paperwork our investors need to deal with."