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To: Jill who wrote (3422)	2/22/2000 6:32:00 PM
From: Geof Hollingsworth	Read Replies (1) \| Respond to of 8096

A tern comment to Rocketman and a question for you both. Leaving the charts aside (which, knowing nothing about them, is my only choice), the tern price change since year-end has been much more dramatic than rmbs on news which is less favorable (at least RMBS isn't competing with Cisco, for example). Plus the Combox shareholders get their stock either this week or next. That acquisition was for tern stock priced at, what, $50? What do you figure they are likely to do when they get it....? Now the question. If you were to establish a position by buying tern puts over a six week horizon, which ones to buy? There seems to be NO volume or open interest beyond March or above a $230 strike price, and the spreads seem, well, daunting. Leaving aside the wisdom of doing so, can you advise on execution strategy?