The memo told Hambrecht's roughly 500 employees that "public ownership is still in the exploratory stage."

"In contrast to the more concrete ideas on the initial stages, the longer-term situation is still at the exploratory stage," an Administration official said.

"There were talks in the most limited sense, but they never went beyond the exploratory stage," he said.

We are in the exploratory stage right now.

He added that it was in only the exploratory stages, and could still choose not to go forward with any of Evercore's recommendations.

The idea is still in the exploratory stage.

The effort to enlist others, which is in the exploratory stage, has not yet yielded any alliances.

The studies are now largely at the exploratory stage, and many psychiatrists regard the approach as unproven.

Subject to the overall success of this exploratory stage, it is hoped that an expanded scheme can be considered this year.

They are now leaving the exploratory stage of the off-season and are about to enter a more active phase.