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To: Jan Crawley who wrote (35644)2/20/1998 5:42:00 PM
From: Ed Richmond  Read Replies (1) | Respond to of 61433
 
Depending on who is short those calls. Since options are a zero sum game (there is a seller for every buyer), if the buyer (owner) decides not to exercise, then the seller (if uncovered/naked), will not need to buy stock to cover their position. Thus, if an owner does not exercise, some demand (however small) disappears from this market.
-Ed



To: Jan Crawley who wrote (35644)2/21/1998 12:44:00 PM
From: Glenn D. Rudolph  Read Replies (1) | Respond to of 61433
 
You mean if majority of the 35 call owners elect not to exercise their rights over the
weekend, then the MMs will try to unload those shares early next week?

Jan,

The 35 call owners have to instruct their clearinghouse to exercise in this case. Chances are most sold their calls at close for 7/16ths with very little left to them after commission.

Glenn


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