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To: Jonathan Bird who wrote (11706)	4/3/1998 5:46:00 PM
From: Bosco	Read Replies (1) \| Respond to of 12298

(ot) Dear Jon - sorry about the inexactness, but my points are not about exactness. Rather, it is how appearance can fool people. It is not about 21 or 23 today, but the time value they can squeeze out. If they were like most people - yes, I assume most people dealing with prefers are honest folks who will abide by the rules of common decency - they would buy it for interest income with a chance of capital appreciation. But they are not. Either case, it is unlikely people will convert right away. Again, I am talking about how some financial engineers, as a SI cyberfriend said to me, would want to go for more than their shares [no pun intended.] So, instead of shorting as hedge for the LYON, as Brian originally asked, LYNO is a hedge for the shorting gain. If somehow the share price runs away on the upside, they convert and breakeven. Of course, they are not stupid, so they won't be shorting every convertible coming out of the pipeline. However, if a co near term prospect is not clear but in need of a large cash infusion, then these people will use the co's misery to its advantages. I don't know if it is the case concerning CELL, that's why I said it is just one of the possibilities. rgds Bosco