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To: upanddown who wrote (45803)	6/2/1999 4:32:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

I think it will take some time for the "dust to settle". Now we have the added factor of arbitrage. That could be why the ask size is so big. Also, as time moves ahead, the price differential will start to diminish as deal closing gets closer. It still seems to me that HLX is a decent buy at these prices. big atoffshore.com

To: upanddown who wrote (45803)	6/2/1999 4:55:00 PM
From: IndioBlues	Read Replies (2) \| Respond to of 95453

John, the HLX price is fixed. As I understand it, HLX shareholders will get .4614 shares of FGI based on FGI's June 1 closing price which translates to $7.55 per share of HLX. The following excerpt comes from a Reuters story: "Under the terms of the pact, which the companies call a "merger of equals," Halter shareholders will receive 0.4614 shares of Friede Goldman for every one share owned. The transaction, based on the closing price for Friede Goldman stock on June 1, values Halter shares at $7.55 each, reflecting a 20 percent premium over the average for the 30 trading days ended May 25. The exchange of shares is expected to be tax free and will be accounted for as a transaction."