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Strategies & Market Trends : Arbitrage Plays

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To: Keith J who wrote (88)	10/27/1999 3:13:00 PM
From: Allen Furlan	Read Replies (1) of 376

Keith, re cse. Something rotten in Denmark. Today 1650 January 40 puts went off all at 2. This prompted me to take out an insurance policy , buying Jan 50 and selling Jan 35 puts. I have been holding a short position of the Jan 35 puts and have been incredulous that premiums have not collapsed below 1 1/8. Take it at what it is worth but I am suspicious of fiat and although I think deal will close I would not be surprised to see some price adjustment. They did pay too much and some EEC conditions could be a "rationale" to squeeze the price. These are my opinions only. Paul, herbb has the same risk as cast had. The company has to do a road show to get the financing. The company does have good cash flow to support a placement, but with 50+ per cent of the stock why doesn't the ceo get the board to initiate buy backs to increase his control and to placate a very p--off group of investors. Just doesn't seem to add up.

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