ANR:
You're right, the biggest liability ClickRewards has is their outstanding ClickMiles. In a February interview on On24.com, the former CEO West Shell said that they have 4 billion plus ClickMiles in member accounts. If even 50% of these are redeemed for airline miles this year, at 2 cents a mile, they will need about $40 million. The current market cap is a little less than $30 million. Do the math.

You're right: the elimination of jobs by a company is not necessarily evil. However, it makes you wonder why they hired all those useless hands in the first place. Most investors believe that West Shell was an incompetant and arrogant CEO who had no management skills. Check out this message from a disgruntled former Netcentives employee:
http://messages.yahoo.com/bbs?.mm=FN...29537&mid=3399

It pretty much sums up how things were run in the organization. I agree, ClickRewards is a great service and deserves to stick around. Hope they get their act together under new management. EIther way, don't expect stock price to recover to $1.50 anytime soon...unless they have some earth shattering news before April 24 (FQ2001 results).