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To: George Coyne who wrote (35645)2/20/1998 9:44:00 PM
From: Matt Webster  Respond to of 61433
 
Remember options that are not 3/4 of a point in the money are not automatically exercised. With the options only 1/2 in the money, there were probably a good percentage that were let out unassigned.

Matt



To: George Coyne who wrote (35645)2/21/1998 12:46:00 PM
From: Glenn D. Rudolph  Respond to of 61433
 
My take is that the MM couldn't hold it within the "option worthless" range. Too much
buying pressure.

George,

The Market Makers did in fact control the price to make the options worthless. The owners need to request an assignment and the spread exceeded the 7/16ths on the option. This was another excellent job by the Market Makers. It is a job well done although I very much dislike the manipulation.

Glenn


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