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To: RADAR ))) who wrote (1814)	4/15/1999 12:49:00 PM
From: Wade Spencer Graves	Respond to of 2231

Radar, your words are sound I'm trying to pick up a few shares below 12.

To: RADAR ))) who wrote (1814)	4/15/1999 1:23:00 PM
From: Glenn Petersen	Respond to of 2231

As you noted, these shares are not dilutive. While the registration statement is not yet posted on the Edgar site, there is no question that these are the PICO shares. PICO picked up many of these shares from the debt conversion that occurred last December. Their basis in these shares is significantly less than the $9.50 referenced in the registration statement. That was merely the price of the stock when they registered the shares and is used for the calculation of the registration fees. I doubt that PICO will be selling these shares into the market. If they actually sell these shares, it will be as a block to someone who wants to buy control of PQT. The shares would probably command a premium to the market. This development is very bullish for the stock price. JMHO.

To: RADAR ))) who wrote (1814)	4/15/1999 1:38:00 PM
From: RADAR )))	Read Replies (1) \| Respond to of 2231

TO ALL: As previously stated, PC Quote exchanged their debt with PICO for stock. While this erased the debt from the books, it added to the number of shares outstanding. Therefore, the share price has already been adjusted with the trade of debt. No further dilutive effect is expected, unless PICO sells the shares into the market. I doubt that is going to happen since PICO is very fond of their holdings in PC Quote. Hope this helps some what. RADAR RADAR