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To: SecularBull who wrote (2201)	3/4/1998 3:42:00 PM
From: Allen Furlan	Read Replies (2) \| Respond to of 11568

I agree that mcic has more downside than wcom on a collapse of the merger. However I believe both stocks would be down in such scenario and if the question is which call to buy, the collapse scenario is likely to be loser for each option. A more likely scenario in my opinion is a very weak market in the summer. In that case the mcic has an advantage from the time perspective(July vs June) and the merger collar. If the market continues to rise either option will do well. We will know in another 3-4 months.