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Author: Lilliputian Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 21  
Subject: NITE & JWG Background Date: 12/29/1999 9:55 PM
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At December 31, 1998, the Company owned, of record, approximately
300,000 NITE shares, which were subject to a lock-up agreement until
January 11, 1999 and were unregistered at that time. Approximately
60,000 of such shares were allocated to Company management to cover
bonus payments due and payable in accordance with the employment
agreements in effect as of June 12, 1998, the date of the Combination.
The approximate 300,000 NITE shares owned by the Company, which have
a historical cost of $18,000, are included in securities owned in the
Company's statement of financial condition at December 31, 1998 at
their estimated fair value of $6,400,000. On March 3, 1999, the Company
sold 225,000 NITE shares, which included 45,000 of the shares allocated
to Company management. The Company received net proceeds, before
applicable income taxes, of approximately $6,100,000 from the sale of
180,000 shares of NITE allocated to the Company. The remaining NITE
shares held by the Company (and the Company's management) are subject
to a new lock-up agreement which prohibits their transfer or sale at
any time prior to June 3, 1999.

L
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