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To: Chuzzlewit who wrote (135232)	7/1/1999 1:33:00 PM
From: LemurHouse	Read Replies (1) \| Respond to of 176387

I also routinely vote against option plans for DELL and most all of my other holdings for these same reasons. I support your recommendation that all shareholders do the same. I'm all for compensating successful management. But only at a reasonable level that is tied to performance, and without the accounting subterfuge.

To: Chuzzlewit who wrote (135232)	7/3/1999 8:08:00 AM
From: Geoff Nunn	Read Replies (1) \| Respond to of 176387

To Chuzzlewit, re: options assignments From: Geoff Nunn Saturday, Jul 3 1999 7:49AM ET Chuzz, Regarding the options question you recently posted on the income taxes thread (on wash rule applicability) I gather that you intend to undo your covered call position by option repurchase, rather than letting the position run through to assignment. I now have two covered call positions on Jan 2000 leaps, one of them very deep in the money, and have studied the assignment problem, both from the standpoint of transactions costs and capital gains taxes. It is my view that an option repurchase in your situation is almost never right. I believe you would incur lower transactions costs by going the assignment route. In addition, I have concluded that an assignment can be properly configured, by purchasing the right number of additional shares of stock (a figure which is determined algebraically) such that capital gains taxes can be avoided entirely on the transaction. Here is a brief discussion I recently posted on the issue, Message 10196120 Would like to hear the reaction of you or others. Best regards, Geoff