Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.750

-14.0%

3:59 PM EST

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To: jeremy smith who wrote (1012)	2/13/1998 1:23:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Hi Jeremy, ========================== The investment arm of Brazil's National Development Bank, BNDESPar, earned 18 million reais by buying back 80 percent of the 2.5 billion ''put'' options, or rights to sell, in Telebras shares it launched last September. ========================== This is kinda odd isn't it? Wonder why they bought them back with 3-4 days to go. Just playin it safe? At a glance, numbers seem questionable also. If they sold 300 million worth of puts 6 months ago, bought back 80% of them with the options OTM and less than a week to go, I would've thought they'd make more than 18 million. sf

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