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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Graeme Smith who wrote (14719)	3/20/1998 8:03:00 AM
From: Kip518	Read Replies (2) \| Respond to of 18263

Graeme, cboe.pcquote.com

To: Graeme Smith who wrote (14719)	3/20/1998 12:04:00 PM
From: Peter V	Respond to of 18263

Options tables: (ooops, somebody beat me) (eom)

To: Graeme Smith who wrote (14719)	3/20/1998 7:46:00 PM
From: Benjamin G	Respond to of 18263

Graeme, Concerning the Cayman group, <<4) Cayman islanders previously shorted. They exercised their options on Zitel just after last results. The big trades were them covering their shorts. This does not explain the options, and also leaves them at risk as they now have to try and sell their new holdings of Zitel stock.>> I am not sure I follow you here. I believe shorting by the debenture holders would not have to be covered by purchases on the open market as Zitel must deliver new shares to the Cayman group upon conversion of the debenture. These shares could then be used to return the borrowed "shorted" shares. Ben