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Technology Stocks : USRX
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To: Milan Shah who wrote (15299)3/14/1997 10:57:00 PM
From: John F. Dowd   of 18024
 
Dear Sir:

Think of the contract you sold i.e. a CALL at a given strike price on a given date to be something akin to a promissory note (a check if you will). Until you buy back the note or the check clears it is still outstanding as a liability against your personal wealth. The contract is your liability until it expires or until you buy it back or it is exercised and you deliver the stock against it. An uncleared check or an unpaid loan are open contracts. Voile!

Sincerely,

John
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