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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Sonki who wrote (1366)	3/31/1998 8:08:00 AM
From: Mayer Tchelebon	Respond to of 22640

Since 100 shares of TBR will be exchanged for 100 shares of each of 12 companies, I can only speculate that you will have the right to purchase 100 shares of each of the 12 companies for each LEAP contract. Someone will have to write a computer program to calculate and update the intrinsic value of the LEAP every 5 seconds during the trading day.

To: Sonki who wrote (1366)	3/31/1998 11:55:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Sonki, Mayer...re options, I wrote the CBOE a couple of days ago, haven't heard back yet. First concern, we don't know that each ADR gets swapped for 1 share each of the resulting new companies. What they said was each ADR will be swapped out for shares of each of the 12 new companies. Second, general opinion at this point seems to be that several of the new companies will not trade via ADR's and therefore will not trade options. There are a lot of good questions surrounding this issue. I will get any speculation and answers as they become available. Again I wrote the CBOE a couple of days ago, in the past they've always responded in a timely manner. I'll try another options exchange today. In the meantime, I'm not letting the lack of answers prevent me from dealing with options...I have to believe the solution they come up with is fair or legal problems would likely result. sf sf

To: Sonki who wrote (1366)	3/31/1998 1:04:00 PM
From: Steve Fancy	Respond to of 22640

Brazil to open Rio cellphone bids at 1200 GMT SAO PAULO, March 31 (Reuters) - Brazil on Tuesday will open bids from four groups vying for a license to operate B Band cellular services in Rio de Janeiro and Espirito Santo states, officials said. biz.yahoo.com

To: Sonki who wrote (1366)	3/31/1998 1:08:00 PM
From: Steve Fancy	Respond to of 22640

Brazil currency reserves exceed $65 bln - cenbank BRASILIA, March 31 (Reuters) - Brazil's foreign currency reserves have risen above $65 billion, the Central Bank said. biz.yahoo.com ================================== Brazil's Central Bank lowers its reais mini-band SAO PAULO, March 31 (Reuters) - Brazil's Central Bank lowered its mini-band on the real currency by buying dollars at 1.1370 and selling at 1.1420 reais per dollar in the commercial foreign exchange market, dealers said. biz.yahoo.com

To: Sonki who wrote (1366)	3/31/1998 1:10:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shrs seen mixed, eyes on Band B bids, Fed SAO PAULO, March 31 (Reuters) - Brazilian shares were seen mixed at Tuesday's open, with investors waiting for the opening of bids on Band B cellular concessions and a U.S. Fed meeting on interest rates later today, stockbrokers said. biz.yahoo.com