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Pastimes : son of T/FIF

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To: scaram(o)uche who wrote (103)	8/26/1999 5:28:00 PM
From: LLCF	Read Replies (2) of 673

Rick and all... I'd like to update my warrant comments from the other day partly to avoid confusion, I know I was in a big rush when posting and may not have been clear. These warrants closed today at about parity... no premium left on damn good volume [almost 400K]. So, theoretically they're as cheap as they can get RELATIVE TO THE STOCK. This is not a recommendation for people to buy them, or "not to sell" them! That obviously depends on where the stock goes. Hope there were no confusion. O.K. cleared that up, now I'm trying to find out what's up with this. Any arb on the planet would want to buy the warrants and short the stock and have a "free put" option below $6 per share... if this thing went back to $4 it would be a home run. Why are they not doing this? I got the answer from my stock loan [Merril Lynch] that there was no stock available to borrow... are the shorts being called in??? Are the arbs being forced to buy back their stock and therefore also selling the hedge [warrants]?? I'll sniff around and REALLY try hard to borrow the stock from some other firms and see if I hear anything. DAK

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