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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (97402)	8/28/2002 6:33:30 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 132070

Mike Did I just get a great free gift, or is there some logical explanation to the following?? Schwab just informed me that 16 of the Nov 12.5 HGMCY (covered) calls I sold back in April were exercised this morning. Those calls were about $2.30--- $.80 intrinsic with about $1.50 time value. So, instead of buying HGMCY this morning for $13.30 (or thereabouts), somebody paid me $12.50 plus forgave the short calls which were valued at $2.30. What am I missing. Looks like I just received a gift of about $1.50 per share. I called the Schwab Rep and asked for the Exerciser's name, cuz I'm available for these kind of deals 24/7. -gg- Mike

To: Knighty Tin who wrote (97402)	8/28/2002 7:02:54 PM
From: Bill/WA	Respond to of 132070

Michael, a question for you, re: options, hypothetical situation of course.<G> Let's say I sell 10 PUT options to close at $10, and get confirmation at the end of the day,OK? Now let's say I look on the CBOE site at the end of the day that shows all of the executions at all of the exchanges for that particular PUT option. It shows a total of 10 contracts executed; 9 at one exchange with price ranges from $9.80 to $10.20 - and 1 contract trading on another exchange for $10.20, for a total of 10 contracts on all exchanges. Now this all being hypothetical of course, why wouldn't I think that those were my 10 contracts and wonder why I got a confirmation of an execution of $10 for the 10?