Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.406

-15.3%

Jan 20 3:59 PM EST

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To: Sonki who wrote (1366)	3/31/1998 11:55:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Sonki, Mayer...re options, I wrote the CBOE a couple of days ago, haven't heard back yet. First concern, we don't know that each ADR gets swapped for 1 share each of the resulting new companies. What they said was each ADR will be swapped out for shares of each of the 12 new companies. Second, general opinion at this point seems to be that several of the new companies will not trade via ADR's and therefore will not trade options. There are a lot of good questions surrounding this issue. I will get any speculation and answers as they become available. Again I wrote the CBOE a couple of days ago, in the past they've always responded in a timely manner. I'll try another options exchange today. In the meantime, I'm not letting the lack of answers prevent me from dealing with options...I have to believe the solution they come up with is fair or legal problems would likely result. sf sf

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