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Non-Tech : CAOL: The Chinese AOL and Internet Lottery -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (304)	5/19/1999 1:44:00 AM
From: Investor Clouseau	Read Replies (3) \| Respond to of 720

Dave, I was watching the trading for a large part of the day on level 2. I don't think there were that many buys. The good news is that the MM's were buying the large blocks between the spread, some of the MM buy's were very close to the ask and might appear as a buy from one of us! Obviously the MM's want some shares. My theory is that the company is selling the last of the 504 shares that were ready to be sold. If you remember (you were on vacation) I talked to Les Weinstein and he said that they still had 500k available to sell. At that time he said the company had no plans to sell them, probably because they thought they were going to get outside financing. When they did not receive the outside financing, they decided to sell the rest of the 504 shares to self finance. Does this sound plausible to you? If you think this theory is plausible then the good news is that we should be almost done with the dilution. The company is probably trying to finish the selling before the end of the internet conference, but without destroying the share price IHMO. Remember, the insider's own way more shares than we do! Please let me know what you think, IC