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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: prakash who wrote (1279)	3/16/1998 3:30:00 PM
From: Melissa McAuliffe	Read Replies (1) \| Respond to of 6974

Prakash, At the risk of seeming argumentative which is not my intent I just don't buy this because it doesn't make sense. Let's forget sebl for a moment and take an example where the payable date is on a Monday and the ex-date on a Thursday since this discussion is about payable dates vs. ex-dates. Under your assumption, I would have to wait four days from the split to sell my shares or options. I know with certainty that when I did this in December it was before the ex-date. That was the reason for the whole lengthy conversation with the broker. Maybe they made an exception because I just wasn't giving up on my point but I seriously doubt they would do that. Under your assumption on what day does the stock start trading at its split adjusted price, the payable date or the ex-date? This just defies logic to me if the stock trades split adjusted on the payable date. That's like saying you are restricted from selling half your shares for three or four days. Is there someone else who knows this with absolute certainty and can jump in here. Thanks. Melissa