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Technology Stocks : Point West Capital (PWCC) -- Ignore unavailable to you. Want to Upgrade?

To: Bo Le who wrote (53)	2/12/1999 4:23:00 PM
From: Tibor	Read Replies (1) \| Respond to of 345

Regarding FLAS value If you look back some previous posts you will see that in the SEC filing FLAS said that it will do a stock split prior to the IPO and it is now authorized to have up to 50 million shares. We do not know the split ratio but I expect that PWCC's stake will be diluted to between 8 and 9 percent. If we take FLAS mkt.cap to $3,500 per subscriber ($600-700 million), PWCC's diluted stake will be worth between $50 and $60 million, without discounting for the lock up period. This does not include the value of PWCC's other holdings through Fourteen Hill Capital. I have been long this stock for over a week, got out when it was going down and got back again today at 3.30 pm. I have been uncomfortable with the MMs manipulation yesterday (when they sold about 30K @ 17 3/4 without increasing the bid), but today's action returned my comfort (practically no selling and considering the extremely low volume, very heavy buying in the last 20 minutes). Today's low volume also suggests that a breakout is imminent.