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To: Sarmad Y. Hermiz who wrote (60131)	6/3/1999 9:34:00 AM
From: Glenn D. Rudolph	Respond to of 164684

OK, one at a time. I can't address all this this morning due to my need to leave for work. 1- the money was there. But it was debt with interest and need for repayment. Now no coupon, and in the assets without offsetting liabilities. The unused portion will be in treasuries generating cash flow. There is a lot less unused generating cash flow than mnay may think in my opinion. Add up the cost of the distribution centers.. 2- Stock dilution was not. True. But that is to the detriment of the shareholders only. The company business plan is unaffected by share dilution. Until they need to do another secondary. Which at the current spending rate, may be real soon. But not a concern at the moment. It is the shareholders that should care. 3-only half the conversions are done. I don't know, obviously. But I wonder if this is not an artifact of late reporting. I doubt very much that anyone converted after the stock fell below 160. So I'd say the added float you see now was from a month ago. Just the reports are showing up now. Just a guess. Very possible.. Glenn