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Strategies & Market Trends : Arbitrage Plays

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To: Madharry who wrote (252)	9/27/2000 1:53:18 AM
From: Paul Senior	Read Replies (1) of 376

Armin. ICIX. I'm certainly dismayed at how that deal is turning out - or not turning out. I don't know what to do. I added a bit when ICIX dropped to about 31. Now I'm just holding to see how this thing unfolds. I did not expect WCOM to drop below the low collar price. (Maybe that's not the correct term.) I'll guess that if WCOM can come back to 32, then the deal is still on. If WCOM stays at 25 (roughly a 20% drop from 32), then maybe they'll do the deal for ICIX for 20% less (than 39) as well. The logic might be that all telecom stocks seem to have been reevaluated lower by the market in the past couple of months, so ICIX is not worth as much and they (ICIX) should recognize that. OTOH, maybe WCOM is losing steam and interest in doing the deal and will walk away. What's your opinion on ICIX? Paul.

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