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To: Lance Bredvold who wrote (877)	8/9/1999 1:48:00 PM
From: tom pope	Read Replies (1) \| Respond to of 891

Actually, the arbitrage spread has been narrowing, not much, but still narrowing: techstocks.com

To: Lance Bredvold who wrote (877)	8/9/1999 4:03:00 PM
From: bananawind	Read Replies (1) \| Respond to of 891

Lance, I don't have any specific reasons why the spread is so wide. I would caution, however, if you are going to bet against the arb community, you had better have some good information or insight. This is one of the areas where the pros really do have an edge. If the arb community believed this is a done deal the current spread would not be more than 10%, and probably less. Alas, I've learned this lesson the hard way in the past. Best regards, Jim