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To: Rajiv who wrote (11156)	3/11/1999 10:55:00 AM
From: cazz	Read Replies (2) \| Respond to of 27722

Rajiv I am not totally confused. And they are your numbers so you can pick your trading strategies. My point is that you went to the extreme low end of the spectrum when you cited the stock price of 3.00 and the Date of Nov 1st. I WAS IN THIS STOCK BACK THEN. You are assuming every tick up from 3.00 to 13.00 is solely IPO hype. How much movement are you attributing to DEBT FREE BY MARCH 99. I know you discount this statement but I heard it directly from the cc. There was the CD point news back in OCT, along with other press and the first inkling I see of IPO info posted was on NOV 9th and then on the 10th someone spoke of talking with the company and that Everen was the Underwriter. My point being that you went to the low side and seem to account every tick for IPO hype and say the 10point gain has been already built into the market cap. Maybe other information released helped move the price also, maybe 3.00 is too low of a price to pick for hype starting, but then again they are your numbers for picking your entry point.

To: Rajiv who wrote (11156)	3/11/1999 11:31:00 AM
From: Rajiv	Read Replies (1) \| Respond to of 27722

For the record... I am not currently net short/long NAVR (I have played both ways in the past) At the moment, I have a boxed position (short and long the same number of shares). This is essentially a market-neutral position. I will not be making or losing any money based on NAVR's movement. The reason for having a boxed position is bit complicated for a non-shortseller to understand.. I also have a small short position of the NAVR March 12.5 puts (note - not the call options). I sold them a couple of weeks back when the premiums were much higher. From this position, I stand to make the most money if NAVR stays above 12.5 next Friday (the puts will expire worthless). My position can change very rapidly. I categorize myself as a trader. Regards. Rajiv