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Technology Stocks : Aspect Telecommunications (ASPT)
ASPT 0.00010000.0%Oct 22 9:30 AM EST
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To: corporal spewchunks who wrote (467)10/22/1998 12:28:00 PM
From: corporal spewchunks  Read Replies (1) of 2018
 
Whoever owns those puts is starting to see the value slip. Last trade was at 18 3/4, current bid is 17. Everytime the stock moves a point, the put owner makes or loses about $395,000. That assumes that this was an arm's length transaction. It may not have been. I cant imagine any market makers taking on this kind of risk unless hedged in some way. ASPT came down awfully fast and there are still huge profits here. Once we get rid of the institutional sellers, the stock should move up more briskly. If anything good can come of this situation it's the buyback. Maybe the convertible debenture holders bought the puts against say a 30 strike price on their conversion options. That's why I hate convertible securities. Too much room for manipulation. Since this is ASPT's second convertible deal, I would have hoped that they learned from the first experience. It has the potential to work out well however so the jury is still out.
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