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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Kip518 who wrote (13487)9/14/1998 12:30:00 AM
From: Roger A. Babb  Read Replies (1) of 18691
 
Kip, you can assume that the CATP options will be repriced at the bottom. Almost all companies do this (CTXS at $10 last year is a glaring example). You are right to compare employee option repricing to floorless convertibles, the employee selling of the bottom priced options pushes the price further down and places a ceiing on future gains. Note that a repricing option is a wonderful hedge to short against, I will bet that employees do that often.
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