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Strategies & Market Trends : Gorilla and King Portfolio Candidates -- Ignore unavailable to you. Want to Upgrade?

To: EnricoPalazzo who wrote (53510)	1/27/2003 3:46:43 PM
From: hueyone	Respond to of 54805

According to "the poster" Since "the poster" referred to in my post was me, I have a pretty good idea what "the poster" referred to. Siebel's stock option overhang is atrocious any way you slice it in my opinion. Do we know the distribution of the strike prices? Well, I did give you one helpful piece of information: The weighted average exercise price for SEBL's 194,205,326 options outstanding as of September 30, 2002 is $18.06 per share. Source: 3rd QTR 10Q Here is one more helpful piece of info: 97 million options are exercisable now (end of Q3) at a weighted average price of $14.45 per share. A table with a broader distribution is available in the 3rd quarter 10Q. I find the very fact that Sebl has tried to give so much of the company away to insiders troubling, especially while using the current, popular sleight of hand accounting to report these transactions to shareholders. I wouldn't feel much different if the weighted average exercise prices were higher. As I also noted, SEBL's option overhang appears to be roughly triple that of the average tech company. JMO, Huey