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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: jeremy smith who wrote (1012)	2/12/1998 5:25:00 PM
From: Steve Fancy	Read Replies (4) \| Respond to of 22640

Jeremy, thanks for the feedback. Interesting what you found on Cardoso not having to resign. I know I've read recently in Reuters news releases that he did have to if running for office. They keep referencing things happening before he may have to resign. I noticed this statement in the "Anatel approves Telecom competition plan" story. ''It was approved with one change,'' Ciro Cardoso, a spokesman for the new sector watchdog, told Reuters. Is this a relative of the pres? I wonder of there are Cardoso's in the judicial system also. I also noted the following: During the hearing, a representative of U.S.-based MCI Communications Corp (MCIC - news); STET, a local unit of Italy's Telecom Italia; and others asked the board to make changes in the draft plan. Dosen't sound like a huge turnout. Is this group representative of primary interest in the TBR sales I wonder? Do you know if these rules affect the wireless divisions? I thought I remember a separate competition plan released a while back for them. regards sf

To: jeremy smith who wrote (1012)	2/13/1998 1:23:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Hi Jeremy, ========================== The investment arm of Brazil's National Development Bank, BNDESPar, earned 18 million reais by buying back 80 percent of the 2.5 billion ''put'' options, or rights to sell, in Telebras shares it launched last September. ========================== This is kinda odd isn't it? Wonder why they bought them back with 3-4 days to go. Just playin it safe? At a glance, numbers seem questionable also. If they sold 300 million worth of puts 6 months ago, bought back 80% of them with the options OTM and less than a week to go, I would've thought they'd make more than 18 million. sf