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To: B. A. Marlow who wrote (1455)	5/23/1999 6:55:00 PM
From: Danny	Respond to of 2743

I suggest all of you, longs and shorts, read this week's Business Week on a very interesting article about AMZN vs EBAY. It all comes down to the point of believing the future of e-commerce or not. If you believe in its future, you should be glad if you ever see PCLN at 50 again. If you don't, you better sell it the first thing in Monday morning and never look back. Danny

To: B. A. Marlow who wrote (1455)	5/23/1999 7:53:00 PM
From: Tom Hua	Respond to of 2743

it's apparent that PCLN was not thrilled with it and wanted out. BAM, Wrong! Capitol One notified PCLN in early March that it wanted to terminate its participation effective May 1. Capitol One provided practically all of PCLN's adaptive marketing revenue of more than $5 MM last Q. It was after receiving the notification that PCLN went to First USA. The agreement with First USA will not be enough to replace the revenue from Capitol One. First USA is a higher quality issuer, far more visible, and a better partner for PCLN. Wrong again! Capitol One paid a fixed fee for each application received. They dumped PCLN because PCLN customers opened accounts but didn't use them. First USA is smarter. According to the agreement, PCLN will get the majority of the fees not after applications are received but after certain amount of usage of the accounts opened. This is the problem. The customers just don't use the new cards. You'd be more successful if you'd do some homework before jumping to conclusions. Homework? Nah, I only like to have fun. BTW, just for fun I read the agreement between PCLN and First USA, did you? Regards, Tom