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To: Kerry Lee who wrote (1190)	4/28/1999 7:59:00 PM
From: George Dawson	Respond to of 4808

This is a huge document (114 pages in length) that I plan to read in detail, especially with regard to the IPO. In addition to the IPO shares of 3.25M relative to the total common shares of 25,281,781 there is the lock up feature in effect. For the first 180 days there are various lock up provisions restricting the amount of stock that can be traded. For example, after 180 days 11,634,545 shares will become eligible for sale. Before that (90 days) - shares are subject to limitations of Rule 144. George D.

To: Kerry Lee who wrote (1190)	4/29/1999 2:21:00 AM
From: Douglas Nordgren	Read Replies (2) \| Respond to of 4808

Kerry, Thanks for the keen exposition and plausible estimation. Wonder what price BRCD would fetch in an Open IPO "Dutch - auction." thestandard.com For years, renegade investment bankers on both coasts have promised that the Internet's leveling effect would soon erode the insider's IPO advantage. Earlier this year, veteran banker Bill Hambrecht left the outfit he'd headed for decades and struck out on a new trail called. OpenIPO (www.openipo.com). The system, WR Hambrecht claims, "gives everyone equal access to the IPO," by enabling both individuals and institutions to give sealed bids for shares prior to the IPO. Does it work – meaning, can I make an instant fortune? Everyinvestor must find out. Last week, the Internet magazine Salon (www.salon.com) announced that it was going to go public, with 2.5 million shares offered at a price determined entirely through this process. The model is called a "Dutch auction," and it is approximately the way the price of deferal Treasury securities is determined. For about two months, WR Hambrecht will take sealed bids on Salon stock. People are supposed to bid what they think Salon shares are really worth. When all the bids are in, Salon and Hambrecht will determine the lowest possible price – let's call it P – at which all shares can be sold. Anyone who bids more than P will get all the shares they asked for, at the P price, anyone who bids exactly P will get some of the shares they asked for; anyone who bids below P gets zip.