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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Monty Lenard who wrote (9897)8/10/2000 11:41:23 AM
From: John Pitera  Read Replies (1) of 436258
 
Monty,

I agree with you that someone with puts is not forced to
cover look at someone who bought longdated puts on AMZN
above 100 they could just be riding them on down to current
levels.

In fact were AMZN issued convertible debt the debt holders
have a free ride to short AMZN common knowing full well
that if AMZN went up to 1000 their short stock position
would not hurt them as it was offset by their convertible
bond position that could be converted to common.

JOhn
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