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To: rudedog who wrote (23577)3/28/1998 9:41:00 PM
From: Roads End  Read Replies (2) | Respond to of 97611
 
rudedog.....What you have figured with respect to pricing at the time of announcement coincides with what the Westchester people are saying in today's Barrons as well. So the fundemental question then is why shouldn't we own DEC. Is the spread so obvious we are overlooking it? The low end of your estimated range leaves almost a $4 spread on Friday's close. My guess the majority of shareholders (Institutions) are not playing arbitrage games if for no other reason than their charters won't allow it so in the short run holding DEC would provide a better return. What am I missing here since it seems too obvious?
Steve



To: rudedog who wrote (23577)3/28/1998 11:14:00 PM
From: James F. Hopkins  Respond to of 97611
 
Rudedog, I believe it was fixed based on the Fir Jan 23rd close,
Mon Jan 26th DEC shot up..there is a lot thats not clear to me,
but this run down had a ton of short trading in it.
The traders all got an angle..but not all of them will win..
All I know to do is expect some surprises..seems we can count
on that.
Jim