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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (59761)	9/30/2000 9:54:37 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 122087

I believe that Paul understood it fully. You better read the passage from the 10-K he cited. What is written there? Read: To enhance its stock repurchase program, Microsoft sold put warrants to independent third parties. These put warrants entitle the holders to sell shares of Microsoft common stock to the Company on certain dates at specified prices. On March 31, 2000, 163 million warrants were outstanding with strike prices ranging from $69 to $78 per share. The put warrants expire between June 2000 and December 2002. The outstanding put warrants permit a net-share settlement at the Company's option and do not result in a put warrant liability on the balance sheet. Besides that I have yet to hear of one compmany which buys traded puts of thier own stock. Of course, except those ones which need to place stock for financing and have the right to "put" shares to prospective investors.