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To: ild who wrote (192785)	9/19/2002 11:48:51 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

There is no rule against exercising an out of the money option.... if the stock closes at 20.25 [or whereever] who ever is long pooots can still exercise them. That's just the way it is. I've seen it happen many times. DAK

To: ild who wrote (192785)	9/19/2002 2:42:08 PM
From: BDR	Respond to of 436258

The last chance you have to close your short put position is at the close on Friday. An institutional holder that is long that put has until sometime Saturday to exercise. I don't know whether the retail buyer of options can do that or not (No, the playing field is not level). If bad news comes out Friday evening and you didn't close out your short put, you may be the proud owner Monday, even if the stock closed out of the money on Friday.

To: ild who wrote (192785)	9/19/2002 8:58:14 PM
From: BDR	Read Replies (1) \| Respond to of 436258

Just to clarify my post about options exercise/expiration: cboe.com Equity Options Product Specifications Expiration Date: Saturday immediately following the third Friday of the expiration month. Last Trading Day: Trading in equity options will ordinarily cease on the business day (usually a Friday) preceding the expiration date. ***** Option trading ends on Friday afternoon but option expiration doesn't take place until Saturday, leaving you at risk for exercise if you are short at the close.