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To: Mama Bear who wrote (1479)	6/22/1999 6:32:00 PM
From: Q.	Read Replies (1) \| Respond to of 10293

If IRID shares are hard to borrow, are the options worth a look? I won't touch options on a little stock because the transaction costs and spreads are too high, but IRID is big, and the open interest on most options is well into the thousands. I just took a look at the IRID options chain. Implied volatilies are around 200, while the actual volatility is only about 88. So there is a lot of premium in these options that you might be able to extract by writing them. Working with August 99 options, you could write a 10 call for 2 and buy a 12.5 call for 1.38, allowing you to pocket 0.62. You would also pocket $0.62 for October calls. (These prices are with the stock at 10 5/16, and they assume selling at the bid and buying at the ask, while you might be able to do better.) Your worst-case scenario would be losing 1.88. It might be worth waiting for a bigger bounce before trying this, though.

To: Mama Bear who wrote (1479)	6/23/1999 2:49:00 PM
From: Marconi	Read Replies (1) \| Respond to of 10293

Hello MB: IRID I have not run numbers, but with IRID satellites aging, I doubt they will improve cashflow significantly by discounts, IRID puts may be fair territory to consider. First blush, they look pricey. If the run up can persist a bit that will help, as well as knowing when they report next, and the next financial deadlines that will nick them, could help shape the perspective to try the puts credibly. Does anyone have numbers on this to share? Best regards, m