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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend -- Ignore unavailable to you. Want to Upgrade?

To: Richard Barron who wrote (1525)	9/27/1999 12:19:00 PM
From: James Kibler	Respond to of 2561

RICH....were you able to hear the conference call....I'm kind of disappointed that they didn't extend buyout to holders of the preferred ......not a LOT of excitement based on the S and D moves this AM......thanks as always for your comments....as I have LOTS.....JIM

To: Richard Barron who wrote (1525)	9/27/1999 1:35:00 PM
From: gregor	Read Replies (1) \| Respond to of 2561

>>>>There may be a play in the senior preferreds of Walden("S"). It seems that they will get a 10% coupon (based on what price?) as well as a put option at 25 in 5-1/2 years, which is about 47% above the current price. <<<< correct me if I'm wrong ? The preferred S holders will be owners of an "in the money" put exercisable @ 25 or giving them the right to sell the preferred S shares at 25 expiring in 5 years.. I used to trade options all the time but don't anymore. This is the first time I've seen them used in conjunction with a buy out. The ^rms looks very anemic today. After a good opening we are again in negative territory.and still no obvious capitulation, lowering my target to 285 and still nor ready to jump in. My first target was 310 after it penetrated the 320 level...