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Strategies & Market Trends : Tech Stock Options

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To: Jerry Olson who wrote (16785)	7/24/1997 8:19:00 PM
From: Chris Reaves	of 58727

Would like opinions on why an extremely high volume of MCI put options have been traded the last few days, especially the Sept. 25's today. I purchased the stock a couple of weeks ago after the losses and possible renegotiation with BT were announced. I felt somewhat relieved when David Faber(CNBC) stated yesterday that is almost certain that there will be no merger renegotiation and that we should see the discrepancy between the price of MCI's and BT's stock narrow from its current range. My question is, if the deal is so certain to go through, then why all the interest in Sept. puts? I realize that a high level meeting between MCI and BT is taking place this week. Is it possible that word has leaked out that the deal may be called off? What other reasons could there be for such interest in these puts? I am considering selling the Aug. 35 calls, but am worried about all of the puts. Dont want to get caught holding this stock if something drastic were to happen. Thanks for any and all replies? Confused and concerned

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