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Pastimes : son of T/FIF -- Ignore unavailable to you. Want to Upgrade?

To: John Metcalf who wrote (106)	8/26/1999 11:17:00 PM
From: Biomaven	Read Replies (1) \| Respond to of 673

callable if the stock price averages $9.10 for a month I think you have the explanation here, John. This essentially means that the time-premium of the warrant is shot once the stock exceeds the $9.10 price. The fact that it needs to do so for a month doesn't really help - once the stock goes above $9.10 there can't be any time premium left in the warrant - you'll only get some time premium back if the stock goes down again. Technically the warrant is still a shade better than the stock (slightly more downside protection as you'll get some time premium back if the stock declines substantially) but this is probably more than offset by the bigger spread and reduced liquidity. So personally I wouldn't bother with the warrant at this point. Peter

To: John Metcalf who wrote (106)	8/26/1999 11:24:00 PM
From: LLCF	Read Replies (1) \| Respond to of 673

<Does this call provision increase the risk of holding the warrants while the stock is at a level that could cause the warrants to be called? > Absolutely... back to the drawing board! I'll have to read the stuff if I get a chance, but taking your info at face value and without doing detailed work, the "free put" I was talking about isn't nearly as valuable as it would be without the call provision. So the comment still stands that if I owned the stock I would be selling it and buying the warrants for parity, BUT the fact that they are trading near parity isn't nearly as exceptional as I had previously thought, and I don't give nearly the weight to a possible buy in as I had thought. I'll still check into borrowing the stock, but I see now that's probably NOT why they're trading parity. That said... I LOVE this provision from the companies standpoint... I'll go way out on a limb here and say it looks to me that if the provision is met, the warrants get called and everyone must exercise them giving TTP all that cash! Is this your read John??? Remember I have not read the fine print... but that appears correct. Wow, they could use the coin too! DAK