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To: HVN who wrote (1123)	4/29/1999 6:59:00 PM
From: Michael Watkins	Respond to of 1195

HVN, I agree. You have to wonder what their real game is. Is it: - just make life uncomfortable for PC DOCS (HUMC vote coming) - take the shine off of any progress PC DOCS may be making (quarterly results coming out shortly, new applications and a big launch in May) - drive prices down? (withdraw the offer / offer rejected) They have people on the board that have done this acquisition thing before. Its a game they are playing, guessing what their expected outcome is, now before the fact, might have some $ attached to it. Looking forward to the outcome and to learning who has underestimated who.

To: HVN who wrote (1123)	4/29/1999 7:15:00 PM
From: Sultan	Read Replies (1) \| Respond to of 1195

Does not look like they have learned anything. You accept this offer, which essentially is about the same as HUMC offer based on to-day's HUMC closing price. Because it is cash, you end up paying taxes if you have any profit or take losses. HUMC offer has no tax consequence for DOCS share holders and look at where HUMC is trading with their balance sheet etc. and you can see the upside potential for the share holders. No brainer unless they change the offer to US $$. If you look at OTEX share price to-day, this is actually a worse offer then the first one.