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To: Ritch who wrote (3181)	2/18/2000 8:48:00 PM
From: steve mamus	Respond to of 8096

I am selling puts on IMNX because: a) The chart is better then QCOM's for the last 2 years b) It is a cash cow i.e. the premiums are very high and I want to generate cash c)the stock has split (including current planned split of 3 to 1) three times in the last 12 months d) I sell puts on things that I expect to go up. I am giving them 2 years so that even if they screw up I won't be put the stock and to take an extra precaution I like to sell puts for strikes 25-50% below current price levels e) I sold 60 contracts today strike 140 and 150, 20 and 40 contracts respectively for 1/02 f) You don't sell puts on terrible stocks - which do you think is more risky - if you want IMNX - is it better to have spent 1.2 million dollars on the open market to buy 6,000 shares today assuming a price of 200 dollars per share or sell contracts on 6,000 shares get paid about 170,000 dollars with the possibility that I might have to buy 6,000 shares at 140-150 dollars per share in 2 years? DoK