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To: brushwud who wrote (1989)	3/5/1999 1:46:00 PM
From: FJB	Read Replies (1) \| Respond to of 3813

Merrill Lynch agrees with you. They view the secondary as having an accretive effect on EPS this year and dilutive the next.

To: brushwud who wrote (1989)	3/5/1999 2:10:00 PM
From: Skeeter Bug	Read Replies (2) \| Respond to of 3813

anybody put 2 and 2 together and asdk themselves why this company needs so much money immediately after the biggest semi equipment boom in the history of the world? can anybody say - non cash flow business? the bottom line is that the company won't overlook flogging those folks who insist on overvaluing their company. they knew and know that the company wasn't worth the $67. are the buyers upset? probably. however, they are upset at the folks. the mirror ought to clear up their confusion, imho.

To: brushwud who wrote (1989)	3/5/1999 8:57:00 PM
From: Dave Chanoux	Read Replies (1) \| Respond to of 3813

Is this the new math? Even if the proceeds are banked and earn $10 million, they are allocated to eps over all 35 million shares or about $.35 per share. You can't route the earnings to specific shares. H & Q signed up the buyers when the price was above the offering price. Once signed up, you're signed up and you own the shares, just as if you placed an order with your broker and it was filled. Period. This was a very cheap financing deal. The company got a lot of money. Remember that the financing statement was filed many months ago. Regards, Dave Chanoux