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To: DaveMG who wrote (204678)	11/14/2002 9:57:12 AM
From: who cares?	Respond to of 436258

8:51 *FED ADDS $6.25 BILLION WITH 4-DAY REPOS; FED FUNDS AT 1 1/4%

To: DaveMG who wrote (204678)	11/14/2002 10:00:53 AM
From: Win-Lose-Draw	Respond to of 436258

it's only a premium if HBC stock stays up. my formerly-ITM dec puts are up in smoke, so i don't have a choice but to hang around and watch the misery of HBC shareholders as they start to clue in on what it is they just bought. with any luck HRB will drop a litigation bomb on 'em.

To: DaveMG who wrote (204678)	11/14/2002 2:00:41 PM
From: reaper	Read Replies (2) \| Respond to of 436258

i would ask this question in a different manner. ask not what HSBC sees. instead, see that... (i) HI stock before a couple of weeks ago had not traded under $30 per share in 6 years (ii) HI 'earned' $4.00 last year and projections were to 'earn' $4.50 this year and next (iii) management and directors own 6mm shares (iv) their are four 5%-plus shareholders (CapRe, Fido, AXA, Davis) who all aquired their stakes at prices well in excess of $30 per share and ask, what does HI management see that they are willing to SELL the business for less than $30? Cheers