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Technology Stocks : IFLY - travel sales on the web pure play
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To: LAWRENCE C. who wrote (113)4/10/1998 11:02:00 AM
From: Gerald L. Kerr  Read Replies (1) of 4761
 
>>I agree with Rajiv that IFLYW is at a premium.
IFLYW = IFLY - 0.625 + 0.xx<<

Actually, the above is not 100% correct.

Should be:

IFLYW = Max[ (IFLY - 6.25), 0 ] + (Time Value Premium)

Translation:
If IFLY < 6.25 or IFLY = 6.25, then IFLYW = 0 + (Time Value Premium);
If IFLY > 6.25, then IFLYW = (IFLY - 6.25) + (Time Value Premium).

Gerry

p.s. With the understanding, of course, that "Time Value Premium" is not a fixed value but fluctuates according to a complicated formula I couldn't possibly understand.
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