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To: damniseedemons who wrote (23022)	3/22/1999 12:10:00 PM
From: Daniel Schuh	Read Replies (1) \| Respond to of 24154

Sal, what AOL bought is a good question. If I were being ultra cynical, I'd say there was a backend deal between Chase and Gates to give Bill an antitrust defense, but then I don't think it works out to a very good antitrust defense either. Or even more cynically, an even more clever deal to kill Netscape and get an antitrust defense at the same time. Anyway, it was a stock deal, right? New shares issued? As near as I can tell, when you're talking internet stocks, you're talking funny money, none of it makes much sense in terms of conventional valuation.