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To: realmoney who wrote (4567)	3/6/1999 12:14:00 AM
From: Jim Fitzgerald	Read Replies (1) \| Respond to of 5300

If it were Cardinal's intention to profit on the short side, why would they put up $15,000,000? Why not just short the stock and then mount a campaign of lies and innuendo on the Internet discussion boards?

To: realmoney who wrote (4567)	3/6/1999 8:19:00 AM
From: Rob29	Read Replies (1) \| Respond to of 5300

The conversion is at a fixed price of just above $10 a share (confirmed by the company (call them) and all but spelled out for you in the press release (I will do the hard math below)). If the conversion was based on the share price at the time of conversion then we would all agree that it is a bad deal ... but this is clearly not the case. Cardinal has zero reason to short in the future based on this deal. If they were going to short it they should have done it in Dec and Jan since the average price over part of that time period determined the FIXED conversion price. I posted this math yesterday but you either missed or ignored it. Here it is again. ============================================================= ''Effectively, assuming that WCTI takes down the full $15 million, we will have given up shares equal to approximately 12.55% of the existing shareholder base in exchange for this substantial equity injection. Fully diluted, approximately 11% of the outstanding shares will be owned by the new shareholders.'' Assuming existing shareholder base of 11.8 million 15M Injection / (11.8M shareholder base * 12.55%) = $10.13 per share