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To: melinda abplanalp who wrote (8153)	3/19/2000 2:47:00 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 35685

Melinda, if you want to exercise an option with three remaining months, then sell the call first, followed by purchase of the stock I assume your common share price exceeds the strike price if you convert/exercise, then you throw away the time premium the option is then priced as positive intrinsic plus positive time premium time premium is always positive intrinsic can be positive (inmoney) or negative (outmoney) pro: sell option, purchase stock brings about tax consequences to capgains con: convert/exercise option discards time premium nothing is simple in this financial arena / JW