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To: Will Lyons who wrote (16256)	2/22/1999 3:34:00 PM
From: Andrew Vance	Read Replies (1) \| Respond to of 17305

AV---this stuff and the sources all really confuse me. It is my understanding that the shares outstanding are the total shares outside of the treasury which includes insiders. These insiders are restricted from selling portions of this stock due to certain limitations set by both the company and SEC. The float represents the freely tradeable shares. So here is the rub and a question I have yet to get answered. Any institution that holds less than a certaqin percentage of shares is considered part of the float. Any institution that has freely tradeable shares is part of the float. Therefore, it looks as if the only time institutional shares are not part of the float is when there are restrictions to those shares much like the insiders and if they own a certan percentage. Comp[anies can do private placements with institutions and those shares may not be part of the float due to holding restrictions. I know this sounds like a non answer but the answer is a grey area. CYMI has 27.1M share outstanding and 26M shares in the float. 4% of the float is held by insiders which seems to reflect the 1M difference above. The institutional ownership is listed below. So in this case, institutional ownership is part of the float. Institutional Ownership % Shares Owned 33.20 # of Institutions 105 Total Shares Held (Mil) 9.005 So, the real question is whether all insitutioanl shares are part of the float as long long as they are all freely tradeable. Does an institution become an insider when they take private placement shares that have selling restrictions is another question. Confusion and more confusion but I would say that a majority of the institutional shares are part of the float and the delta between flaot and outstanding is nothing more than the a reflection of the number of shares that have trading restrictions attached to them. andrew