At December 31, 1998, the Company owned, of record, approximately300,000 NITE shares, which were subject to a lock-up agreement untilJanuary 11, 1999 and were unregistered at that time. Approximately60,000 of such shares were allocated to Company management to coverbonus payments due and payable in accordance with the employmentagreements in effect as of June 12, 1998, the date of the Combination. The approximate 300,000 NITE shares owned by the Company, which havea historical cost of $18,000, are included in securities owned in theCompany's statement of financial condition at December 31, 1998 attheir estimated fair value of $6,400,000. On March 3, 1999, the Companysold 225,000 NITE shares, which included 45,000 of the shares allocatedto Company management. The Company received net proceeds, beforeapplicable income taxes, of approximately $6,100,000 from the sale of180,000 shares of NITE allocated to the Company. The remaining NITEshares held by the Company (and the Company's management) are subjectto a new lock-up agreement which prohibits their transfer or sale atany time prior to June 3, 1999.L
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