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Technology Stocks : IFLY - travel sales on the web pure play -- Ignore unavailable to you. Want to Upgrade?

To: Secret_Agent_Man who wrote (44)	4/9/1998 1:08:00 PM
From: Kurt Brown	Read Replies (1) \| Respond to of 4761

So is it time to buy - what a discount!! Is my understanding correct?

To: Secret_Agent_Man who wrote (44)	4/10/1998 12:44:00 PM
From: Andrew H	Respond to of 4761

>>The warrants have a current fair value of 2.75 at the current price of 6.50. If my math is correct.<< How are you figuring "fair value?" How do you calculate the time value? Since one can convert the warrants at any time, let us say for ease of calculation, that IFLY closed at 7. That means for 1 warrant +6.25, you can buy 1 share of IFLY. Therefore actual value is currently .75. How much time value are you giving them? I just saw your explanation of your math. It is an interesting formula but embodies assumptions that may not occur. I wouldn't use the term "fair value," to describe the results of this formula, because we cannot assume the stock will trade at 10. One could use the term "projected value." If we knew the stock would trade at 10 (and it most liely will before the expiration date), then I would not object to "fair value." I admit they are looking cheap, especially now that they are in the money.