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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Russian Bear who wrote (12261)	10/30/1997 8:25:00 PM
From: Arthur Radley	Read Replies (1) \| Respond to of 18263

I wrestled with this sucker all day and finally made up my mind a few minutes before the close to take the plunge. I had seveal trades to make and instead of doing it on-line, I called into my 500 team and told the person I wanted to do several trades but I wanted the ZITL one first and if necessary I could wait on the others until tomorrow. What is amazing, I got a 1/16th less that the current ask price that was showing on the screen. I have my fingers crossed that we will be happy tomorrow. I have a good position in the Nov 20's when they were out of the money so If you hear a loud "whoppeeeeeeeeee" coming from Texas tomorrow, it probably will be me.(:>))))))

To: Russian Bear who wrote (12261)	10/30/1997 9:22:00 PM
From: Bill Wexler	Respond to of 18263

Zitel - a retrospective. #1 in a series..... techstocks.com I love ya'!! Hey bud, when are we partying!!!!! YEEEEEEEEEEHAAAAAAAAH!!!

To: Russian Bear who wrote (12261)	10/31/1997 1:53:00 AM
From: Marconi	Respond to of 18263

RB, I ran some OPM numbers on nov dec 17.5 & 15 puts earlier this week and came up with numbers 4-5 times what they were selling at. Haven't taken z options before, but the expected report, timing, and market turbulence emboldened me--got 10 contracts yesterday and 30 today. With all the dark talk now on the thread, if correct, in avarice I should have done more. I priced my sell points for a Z-sh at $10 (my by end of December estimate) + time premium. I plan to get my brokerage on line before open and find out the inkle for opening--I would expect order imbalance if there is a rush for the exits. Anyone got a line on number of @market orders? and tomorrow vs historically? Depending on the word, I think it best to cancel most all of my covers. Options were to sell at 5-6 points/sh net. Shorts to buy in at an avg of 7 with a range from 4 1/8 to 9 3/4. The Cayman issue (although the last 30 days are untold), the cash position, the number of personnel, the 1 factory, and the likelihood of non y2k performance less than in 1995 and prior, and emotional roller coaster for many in recent days, leads me to change the risk and shoot for a lower average buy in point. It is tempting to buy in 1K sh and ride the rest of the position to $.50, delisting, or major dilution, possibly indictments?? I think it will be very important to face the issues as to how long one is willing to hold their position and how they feel about risks if Z were to spike down to single digits, and this should be considered before the open. Things could move fast and trading might be irregular to boot. This pie has been a long time in flying--hopefully everyone will be reasonably satisfied by their previous commitments with Z stock. We all have shared in our views--and have decided for ourselves what we expect the future to bring. Success to all in their investing. Best regards, MDR My 2 cents on taxes with no longer traded securities: For a security that is no longer traded, you need a transaction to have a taxable event. Usually a portion of the funds are tied up at the brokerage. If you have certificates, you can always do a private transaction at a reasonable price--have a friend buy them and then the position is closed out. There are taxes due on the gain, however when the position is closed out, not if (with a closed out position that would be tax evasion). If I recall you cannot take the money and use it as if the stock where valued at zero, the IRS will have other plans for you if you do that. But it is fair to sell the paper FWIW--even if only a buck's consideration. That keeps the issue clear. If I recall you are not allowed to put zero down for the sale for IRS purposes--which makes little sense. BTW, my heaviest calibration in this area was in the 80's so it is certain that many things have changed, I don't know about this issue. This has been tough typing with a fussy 8 mo daughter (she is a sweerheart and a wonderful blessing) in one arm and another stabbing at the keyboard. Please forgive my typos. Best regards to all again, MDR "we are living in interesting times...." or was that line used as an ancient Chinese curse