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Technology Stocks : WCOM
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To: JB who wrote (2171)3/1/1998 4:39:00 PM
From: Allen Furlan  Read Replies (2) of 11568
 
Curious, why not mcic July 50 calls at same price? WCOM confident of merger which may close sometime in late summer. My understanding is that the 1.2439 ratio is a fixed collar at wcom prices over 41. For example if the closing price of wcom at June expiration is 45 then mcic would have intrinsic value of 56. Of course MCIC might lag because of market vagaries but would still almost certainly be profitable, albeit perhaps less profitable. More importantly if WCOM down from here, mcic is defensive play even if wcom dips to 29, and in such case mcic options would have some time value whereas wcom would be worthless.
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