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Gold/Mining/Energy : mxp (mesa Inc)

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To: George Mc Geary who wrote (374)	6/30/1997 2:40:00 PM
From: Bagladdy	of 394

George, Yes I do and am glad to see the price slowly appreciating. If you remember, some time ago someone posted an article which stated that the directors of both MXP and PDP had valued PDP at $41.50. I had anticipated an immediate rise to that level so i bought the Sept 25 calls. It seems that WS has been waiting for something to happen, perhaps that the deal would not go through. Now all of a sudden about a week ago the price starts creeping up. I still think it will make it up to that $41.00 level and I will hold my calls until then. As you know, calls in-the-money and a few months out have less premium built into them, but much less risk on the other side. Buying those calls was a fairly safe bet due to that Rainwater touch. What I am saying is that I made a leveraged investment rather than an option play. Glad to hear you made money on 30's. This time of year is really busy for me, so I have not been into the market very much and couldn't track the availables in detail. A couple of more weeks and I can pay more attention to the market. Good luck to you. Regards Charles

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