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To: Big Dog who wrote (2626)	10/31/1997 1:08:00 PM
From: Bill Li	Respond to of 95453

Mike, I think several brokerage firms have heavy short positions on CKH. But the stock won't be stay at this level for ever. If we have patience, we'll be well rewarded. Bill

To: Big Dog who wrote (2626)	10/31/1997 1:15:00 PM
From: SJS	Read Replies (2) \| Respond to of 95453

Mike, Based on your example, there is 3.25 points of intrinsic value to those options. The protection is really only the premium since you sold in the money calls. YOu should get an idea if the call is over or under valued with an option modeler. Theoretically, if you sell overpriced (or buy underpriced) options, you've done very well. try to find the true theoretical value of that option.