How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 492.19

-3.0%

11:29 AM EST

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To: Hawkmoon who wrote (41113)	4/5/2000 2:01:00 AM
From: rudedog	Read Replies (2) of 74651

Ron - I agree with the substance of your discussion - the use of NQ options as a substitute for pay creates a different set of dynamics than apply to old line companies who don't use options to any large degree. My problem with Parish is not the focus on options as a wild card in the accounting picture, but his focus on MSFT when this is such an endemic issue in high tech, and MSFT far from the worst abuser. I worked with one company who wanted to pay my consulting fees in stock options... tricks like that may be OK for a privately held company, but are clearly not in shareholder interest even there. None the less, those are the rules at the moment, and only a widespread or even mandated shift in the way options are accounted for would address the problem. There is also no good way to account for the unvested options that I have seen - only a portion will ever be exercised, and the exercise date and value are unpredictable.

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