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To: Tom K. who wrote (7823)	5/23/2000 4:15:00 PM
From: Bridge Player	Read Replies (1) \| Respond to of 8096

Tom, would you work through for me the margin requirement calculation for selling the 2002 70 puts? If the return on the spread is a double, then twice the return by selling the puts would be 3 times your money as I understand it, i.e. a gain of 200% as opposed to 100%. I guess I am mostly interested in seeing exactly how the 200% gain on "invested capital" works as a function of the required margin for the trade. Am I correct in assuming that your calculation includes the 20 month interest accrued on the cash returned from the put sale? BP