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To: ild who wrote (155587)	3/12/2002 11:57:44 PM
From: mishedlo	Read Replies (1) \| Respond to of 436258

They really had to be naked. Did someone short 7.5M shares of this sucker before selling the puts. I doubt it. Otherwise what is the hedge? One can go long and buy puts, or short and buy calls, but how do you hedge a short sell of a put? Shorting 7.5M shares ahead of earnings (subjecting themselves to a huge short squeeze if wrong) and shorting puts does not make much sense. Nor does going long. I see no possible hedge. M