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Politics : Ask Michael Burke

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To: Earlie who wrote (76423)	2/23/2000 7:05:00 AM
From: Don Lloyd	Read Replies (4) of 132070

Earlie - "...Since Microsoft now owes almost 800 million shares to employees in its stock option program, this debt increases $800 million for every $1 increase in their stock price. This leveraged contingent debt in itself, given that it is more than twice gross annual revenues, should result in a qualified audit opinion..." From what I've seen, some of his points make good sense, some need study, and some, like the above, seem to come from off the wall. Can you make any rational argument that provides any support for interpreting the open option grants (about 15% of shares) as debt? TIA, Don

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