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To: appro who wrote (1235)5/2/2000 5:32:00 PM
From: appro  Read Replies (1) | Respond to of 1246
 
Here is same spreadsheet as of today's close. If EGAN price were to remain at $18 further into May and June, the
exchange eventually (in 23 days) becomes the lower point of the collar or $9.05 worth of EGAN. Of course our mileage will vary and I am counting chickens that are still unhatched.


Date	EGAN	20 da	"=#EGAN	INFR	INFR	premium	 EGAN pr
	close	avg	shares	implied	actual	act/impl now/avg-3da
3/13	$53.13						
3/14	$55.50						
3/15	$51.50						
3/16	$47.63						
3/17	$46.25						
3/20	$38.00						
3/21	$35.94						
3/22	$42.63						
3/23	$43.00						
3/24	$40.00						
3/27	$39.63						
3/28	$38.88						
3/29	$36.00						
3/30	$36.34						
3/31	$39.00						
4/3	$32.50						
4/4	$29.13						
4/5	$27.25						
4/6	$27.25						
4/7	$30.00	39.4766					
4/10	$25.00	38.0703					
4/11	$23.63	36.4766					
4/12	$19.00	34.8516	0.2292	4.35	$6.13	41%	48.1%
4/13	$20.00	33.4703	0.2377	4.75	$5.94	25%	52.5%
4/14	$18.00	32.0578	0.2481	4.46	$5.00	12%	49.3%
4/17	$13.25	30.8203	0.2596	3.44	$4.88	42%	38.0%
4/18	$16.25	29.8359	0.2703	4.39	$5.69	29%	48.6%
4/19	$17.69	28.5891	0.2822	4.99	$6.19	24%	55.2%
4/20	$16.75	27.2766	0.2936	4.92	$6.00	22%	54.3%
4/24	$15.00	26.0266	0.3033	4.55	$5.25	15%	50.3%
4/25	$18.06	24.9484	0.3165	5.72	$6.81	19%	63.2%
4/26	$17.06	23.8578	0.3317	5.66	$6.38	13%	62.6%
4/27	$16.75	22.8953	0.3476	5.82	$6.56	13%	64.4%
4/28	$16.63	21.9094	0.3627	6.03	$6.50	8%	66.6%
5/1	$17.25	20.8219	0.3793	6.54	$6.69	2%	72.3%
5/2	$18.00	20.0969	0.3952	7.11	$6.81	-4%	78.6%
							
If price remains constant at $18							
5/3	$18.00	19.5406	0.4130	7.43			
5/4	$18.00	19.0781	0.4345	7.82			
5/5	$18.00	18.6156	0.4502	8.10			
5/8	$18.00	18.0156	0.4630	8.33			
5/9	$18.00	17.6656	0.4743	8.54			
5/10	$18.00	17.3844	0.4860	8.75			
5/11	$18.00	17.3344	0.5022	9.04			
5/12	$18.00	17.2344	0.5122	9.22			
5/15	$18.00	17.2344	0.5205	9.37			
5/16	$18.00	17.4719	0.5220	9.40			
5/17	$18.00	17.5594	0.5250	9.45			
5/18	$18.00	17.5750	0.5250	9.45			
5/19	$18.00	17.6375	0.5179	9.32			
5/22	$18.00	17.7875	0.5153	9.28			
5/23	$18.00	17.7844	0.5148	9.27			
5/24	$18.00	17.8313	0.5130	9.23			
5/25	$18.00	17.8938	0.5087	9.16			
5/26	$18.00	17.9625	0.5088	9.16




To: appro who wrote (1235)5/12/2000 5:11:00 PM
From: 45bday  Read Replies (1) | Respond to of 1246
 
Hi and thanks for your input. I have always wondered as an INFR shareholder why everyone says we have to absorb investment risk during the three days between the conversion date and the close. If for ex. today was the conversion day, and we received hypothetically .50 shs of egan for each infr sh. then tomorrow infr. should trade at exactly 1/2 of egans price. If egan goes down during the 3 days infr goes down and vice versa. The only way you get stuck is if egan starts to go down and you are not allowed to sell your egan shs as they have not been issued as of yet. I have read on yahoo that we can't sell and therefore are exposed during those 3 days. Do you know if that is true or not. Sorry for the long winded question when it is in fact pretty straight forward.



To: appro who wrote (1235)6/1/2000 12:42:00 AM
From: appro  Respond to of 1246
 
Updating spreadsheet described in post above (variations follow):
Assuming EGAN remains at most recent price:
Date	EGAN	20 da	"=#EGAN	INFR	INFR	premium	  EGAN pr
	close	avg	shares	implied	actual	act/impl  now/avg-3da
3/13	$53.13						
3/14	$55.50						
3/15	$51.50						
3/16	$47.63						
3/17	$46.25						
3/20	$38.00						
3/21	$35.94						
3/22	$42.63						
3/23	$43.00						
3/24	$40.00						
3/27	$39.63						
3/28	$38.88						
3/29	$36.00						
3/30	$36.34						
3/31	$39.00						
4/3	$32.50						
4/4	$29.13						
4/5	$27.25						
4/6	$27.25						
4/7	$30.00	39.4766					
4/10	$25.00	38.0703					
4/11	$23.63	36.4766					
4/12	$19.00	34.8516	0.2292	4.35	$6.13	41%	48.1%
4/13	$20.00	33.4703	0.2377	4.75	$5.94	25%	52.5%
4/14	$18.00	32.0578	0.2481	4.46	$5.00	12%	49.3%
4/17	$13.25	30.8203	0.2596	3.44	$4.88	42%	38.0%
4/18	$16.25	29.8359	0.2703	4.39	$5.69	29%	48.6%
4/19	$17.69	28.5891	0.2822	4.99	$6.19	24%	55.2%
4/20	$16.75	27.2766	0.2936	4.92	$6.00	22%	54.3%
4/24	$15.00	26.0266	0.3033	4.55	$5.25	15%	50.3%
4/25	$18.06	24.9484	0.3165	5.72	$6.81	19%	63.2%
4/26	$17.06	23.8578	0.3317	5.66	$6.38	13%	62.6%
4/27	$16.75	22.8953	0.3476	5.82	$6.56	13%	64.4%
4/28	$16.63	21.9094	0.3627	6.03	$6.50	8%	66.6%
5/1	$17.25	20.8219	0.3793	6.54	$6.69	2%	72.3%
5/2	$18.00	20.0969	0.3952	7.11	$6.81	-4%	78.6%
5/3	$16.75	19.4781	0.4130	6.92	$6.56	-5%	76.5%
5/4	$16.94	18.9625	0.4345	7.36	$6.81	-7%	81.3%
5/5	$19.88	18.5938	0.4502	8.95	$7.44	-17%	98.9%
5/8	$21.00	18.1438	0.4645	9.76	$7.13	-27%	107.8%
5/9	$20.63	17.9250	0.4772	9.84	$6.81	-31%	108.8%
5/10	$17.75	17.6313	0.4866	8.64	$6.56	-24%	95.5%
5/11	$17.00	17.5313	0.4987	8.48	$7.00	-17%	93.7%
5/12	$16.75	17.3688	0.5048	8.46	$7.13	-16%	93.4%
5/15	$16.94	17.3156	0.5132	8.69	$7.44	-14%	96.1%
5/16	$17.25	17.5156	0.5161	8.90	$7.75	-13%	98.4%
5/17	$16.81	17.5438	0.5209	8.76	$7.75	-12%	96.8%
5/18	$16.63	17.4906	0.5225	8.69	$7.81	-10%	96.0%
5/19	$15.25	17.4156	0.5166	7.88	$7.56	-4%	87.1%
5/22	$13.25	17.3281	0.5157	6.83	$6.88	1%	75.5%
5/23	$13.25	17.0875	0.5173	6.85	$6.75	-2%	75.8%
5/24	$12.56	16.8625	0.5195	6.53	$6.00	-8%	72.1%
5/25	$11.75	16.6125	0.5222	6.14	$6.13	0%	67.8%
5/26	$10.50	16.3063	0.5295	5.56	$5.44	-2%	61.4%
5/30	$12.25	16.0563	0.5366	6.57	$6.25	-5%	72.6%
5/31	$11.69	15.7406	0.5447	6.37	$6.39	0%	70.4%
6/1	$11.69	15.4875	0.5549	6.49			71.7%
6/2	$11.69	15.2250	0.5635	6.59			72.8%
6/5	$11.69	14.8156	0.5748	6.72			74.3%
6/6	$11.69	14.3500	0.5842	6.83			75.5%
6/7	$11.69	13.9031	0.5943	6.95			76.8%
6/8	$11.69	13.6000	0.6107	7.14			78.9%
6/9	$11.69	13.3344	0.6305	7.37			81.4%
6/12	$11.69	13.0813	0.6508	7.61			84.1%
6/13	$11.69	12.8188	0.6653	7.78			85.9%
6/14	$11.69	12.5406	0.6786	7.93			87.6%
6/15	$11.69	12.2844	0.6917	8.08			89.3%
6/16	$11.69	12.0375	0.7059	8.25			91.2%
6/19	$11.69	11.8594	0.7215	8.43			93.2%
6/20	$11.69	11.7813	0.7366	8.61			95.1%
6/21	$11.69	11.7031	0.7517	8.79			97.1%
6/22	$11.69	11.6594	0.7630	8.92			98.6%
6/23	$11.69	11.6563	0.7680	8.98			99.2%
6/26	$11.69	11.7156	0.7731	9.04			99.9%
6/27	$11.69	11.6875	0.7760	9.07			100.2%
6/28	$11.69	11.6875	0.7762	9.07			100.3%
6/29	$11.69	11.6875	0.7723	9.03			99.8%
6/30	$11.69	11.6875	0.7742	9.05			100.0%
7/3	$11.69	11.6875	0.7742	9.05			100.0%
7/4	$11.69	11.6875	0.7742	9.05			100.0%
7/5	$11.69	11.6875	0.7742	9.05			100.0%
7/6	$11.69	11.6875	0.7742	9.05			100.0%
7/7	$11.69	11.6875	0.7742	9.05			100.0%

=====================================

Assuming EGAN declines 3% per day (corresponds to final price at 67% of trailing 20 day average offest by 3 days):

Date	EGAN	20 da	"=#EGAN	INFR	INFR	premium	  EGAN pr
	close	avg	shares	implied	actual	act/impl  now/avg-3da
5/25	$11.75	16.6125	0.5222	6.14	$6.13	0%	67.8%
5/26	$10.50	16.3063	0.5295	5.56	$5.44	-2%	61.4%
5/30	$12.25	16.0563	0.5366	6.57	$6.25	-5%	72.6%
5/31	$11.69	15.7406	0.5447	6.37	$6.39	0%	70.4%
6/1	$11.34	15.4700	0.5549	6.29			69.5%
6/2	$11.00	15.1729	0.5635	6.20			68.5%
6/5	$10.67	14.7125	0.5748	6.13			67.8%
6/6	$10.35	14.1799	0.5849	6.05			66.9%
6/7	$10.04	13.6504	0.5963	5.99			66.1%
6/8	$9.74	13.2497	0.6150	5.99			66.2%
6/9	$9.44	12.8719	0.6381	6.03			66.6%
6/12	$9.16	12.4924	0.6628	6.07			67.1%
6/13	$8.89	12.0898	0.6829	6.07			67.1%
6/14	$8.62	11.6582	0.7029	6.06			67.0%
6/15	$8.36	11.2356	0.7243	6.06			66.9%
6/16	$8.11	10.8098	0.7484	6.07			67.1%
6/19	$7.87	10.4406	0.7761	6.10			67.5%
6/20	$7.63	10.1596	0.8053	6.14			67.9%
6/21	$7.40	9.8671	0.8370	6.19			68.5%
6/22	$7.18	9.5980	0.8666	6.22			68.8%
6/23	$6.96	9.3587	0.8906	6.20			68.5%
6/26	$6.75	9.1714	0.9170	6.19			68.5%
6/27	$6.55	8.8865	0.9427	6.18			68.3%
6/28	$6.36	8.6199	0.9668	6.14			67.9%
6/29	$6.16	8.3613	0.9866	6.08			67.2%
6/30	$5.98	8.1105	1.0182	6.09			67.3%
7/3	$5.80	7.8672	1.0497	6.09			67.3%
7/4	$5.63	7.6311	1.0821	6.09			67.3%
7/5	$5.46	7.4022	1.1156	6.09			67.3%
7/6	$5.29	7.1801	1.1501	6.09			67.3%
7/7	$5.14	6.9647	1.1857	6.09			67.3%
7/10	$4.98	6.7558	1.2224	6.09			67.3%
7/11	$4.83	6.5531	1.2602	6.09			67.3%
7/12	$4.69	6.3565	1.2991	6.09			67.3%
7/13	$4.55	6.1658	1.3393	6.09			67.3%
7/14	$4.41	5.9809	1.3807	6.09			67.3%

===============================
Assuming EGAN is down and up and down 3% per day for ten days at a time:

Date	EGAN	20 da	"=#EGAN	INFR	INFR	premium   EGAN pr
	close	avg	shares	implied	actual	act/impl  now/avg-3da
5/25	$11.75	16.6125	0.5222	6.14	$6.13	0%	67.8%
5/26	$10.50	16.3063	0.5295	5.56	$5.44	-2%	61.4%
5/30	$12.25	16.0563	0.5366	6.57	$6.25	-5%	72.6%
5/31	$11.69	15.7406	0.5447	6.37	$6.39	0%	70.4%
6/1	$11.34	15.4700	0.5549	6.29			69.5%
6/2	$11.00	15.1729	0.5635	6.20			68.5%
6/5	$10.67	14.7125	0.5748	6.13			67.8%
6/6	$10.35	14.1799	0.5849	6.05			66.9%
6/7	$10.04	13.6504	0.5963	5.99			66.1%
6/8	$9.74	13.2497	0.6150	5.99			66.2%
6/9	$9.44	12.8719	0.6381	6.03			66.6%
6/12	$9.16	12.4924	0.6628	6.07			67.1%
6/13	$8.89	12.0898	0.6829	6.07			67.1%
6/14	$9.15	11.6848	0.7029	6.43			71.1%
6/15	$9.43	11.3155	0.7243	6.83			75.5%
6/16	$9.71	10.9697	0.7484	7.27			80.3%
6/19	$10.00	10.7073	0.7743	7.74			85.6%
6/20	$10.30	10.5598	0.7996	8.24			91.0%
6/21	$10.61	10.4277	0.8248	8.75			96.7%
6/22	$10.93	10.3460	0.8450	9.23			102.1%
6/23	$11.26	10.3213	0.8568	9.64			106.6%
6/26	$11.59	10.3759	0.8677	10.06			111.2%
6/27	$11.94	10.3605	0.8746	10.44			115.4%
6/28	$12.30	10.3911	0.8766	10.78			119.2%
6/29	$11.93	10.4207	0.8720	10.40			115.0%
6/30	$11.57	10.4495	0.8733	10.11			111.7%
7/3	$11.23	10.4774	0.8708	9.77			108.0%
7/4	$10.89	10.5045	0.8683	9.45			104.5%
7/5	$10.56	10.5308	0.8659	9.15			101.1%
7/6	$10.24	10.5563	0.8636	8.85			97.8%
7/7	$9.94	10.5810	0.8614	8.56			94.6%
7/10	$9.64	10.6049	0.8592	8.28			91.5%
7/11	$9.35	10.6282	0.8571	8.01			88.6%
7/12	$9.07	10.6241	0.8551	7.76			85.7%
7/13	$8.80	10.5926	0.8532	7.51			83.0%
7/14	$8.53	10.5339	0.8513	7.27			80.3%


=====================================
Finally, assuming EGAN is up-dn-up:

Date	EGAN	20 da	"=#EGAN	INFR	INFR	premium   EGAN pr
	close	avg	shares	implied	actual	act/impl  now/avg-3da
5/25	$11.75	16.6125	0.5222	6.14	$6.13	0%	67.8%
5/26	$10.50	16.3063	0.5295	5.56	$5.44	-2%	61.4%
5/30	$12.25	16.0563	0.5366	6.57	$6.25	-5%	72.6%
5/31	$11.69	15.7406	0.5447	6.37	$6.39	0%	70.4%
6/1	$12.04	15.5050	0.5549	6.68			73.8%
6/2	$12.40	15.2781	0.5635	6.99			77.2%
6/5	$12.77	14.9229	0.5748	7.34			81.1%
6/6	$13.15	14.5307	0.5836	7.68			84.8%
6/7	$13.55	14.1769	0.5922	8.02			88.7%
6/8	$13.96	13.9871	0.6063	8.46			93.5%
6/9	$14.37	13.8558	0.6227	8.95			98.9%
6/12	$14.81	13.7586	0.6382	9.45			104.4%
6/13	$15.25	13.6742	0.6469	9.86			109.0%
6/14	$15.71	13.5971	0.6530	10.26			113.4%
6/15	$15.24	13.5182	0.6576	10.02			110.7%
6/16	$14.78	13.4259	0.6617	9.78			108.1%
6/19	$14.34	13.3802	0.6654	9.54			105.4%
6/20	$13.91	13.4129	0.6693	9.31			102.9%
6/21	$13.49	13.4249	0.6739	9.09			100.5%
6/22	$13.08	13.4509	0.6762	8.85			97.8%
6/23	$12.69	13.4980	0.6746	8.56			94.6%
6/26	$12.31	13.5885	0.6740	8.30			91.7%
6/27	$11.94	13.5730	0.6727	8.03			88.8%
6/28	$11.58	13.5678	0.6703	7.76			85.8%
6/29	$11.93	13.5624	0.6659	7.94			87.8%
6/30	$12.29	13.5568	0.6666	8.19			90.5%
7/3	$12.66	13.5511	0.6669	8.44			93.3%
7/4	$13.04	13.5452	0.6671	8.70			96.1%
7/5	$13.43	13.5391	0.6674	8.96			99.0%
7/6	$13.83	13.5329	0.6677	9.23			102.1%
7/7	$14.25	13.5264	0.6680	9.52			105.2%
7/10	$14.67	13.5198	0.6683	9.81			108.4%
7/11	$15.11	13.5130	0.6686	10.10			111.7%
7/12	$15.57	13.5059	0.6689	10.41			115.1%
7/13	$16.03	13.5458	0.6692	10.73			118.6%
7/14	$16.51	13.6326	0.6696	11.06			122.2%

==========================
What really happens is anybody's guess. INFR earnings out today. Proxy materials arrived recently for voting. Meeting set for vote, etc. June 26th. Time marches on.


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