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To: Martin E. Frankel who wrote (18815)	3/4/1999 7:30:00 AM
From: The Swordsman	Respond to of 44908

Dr. Frankel, Please stop trying to convince people that the word *authorized* is interchangeable with *issued.* It is not!!! Microsoft has 4 BILLION shares *authorized.* On the other hand Microsoft has only 2.523 BILLION shares *issued* Valuation of the company, valuation of the individual shares, and subsequent movement of the share price on the NASDAQ is a direct result of the *ISSUED* shares and has very little to do with the *AUTHORIZED* number. The *AUTHORIZED* amount is a function of of how much the shareholders trust management by granting management the power to issue by fiat. However, the shareholders expect and deserve an honest accounting of the cost of all transactions that will require *AUTHORIZED SHARES* to make the hyper leap to *ISSUED SHARES* at all times. That trust has apparently been severely breached in this case. But please do not confuse these two very different and very important terms again. sword