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Politics : Ask Michael Burke
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To: Eggolas Moria who wrote (52902)3/22/1999 1:11:00 PM
From: Michael Bakunin  Read Replies (2) of 132070
 
Looking through last year's 10-K, Dell buries the information (unless I missed something skimming; please check sec.gov if you have time). As of 2/1/1998, they owned calls on 50 million shares of pre-split stock at an average cost of $44 (i.e., $22). They'd sold puts on 55 million shares, at an average exercise of $39 ($19.5). So, they essentially owned 100 million post-split shares at $20; even at the current price, they made $1.8 billion on that position alone, more than they reported in EPS (unless I'm mis-adding). Scary.
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