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

To: Pete who wrote (59)	4/9/1998 4:57:00 PM
From: Rajiv	Read Replies (3) \| Respond to of 4761

There is no discount for IFLYW. IFLYW are warrants for IFLY - conversion at 6.25 Today's closing quote IFLY - 6.96875 IFLYW - 1.03125 The premium of IFLY over the conversion price is 0.71875 whereas IFLYW is trading at 1.03125 - the difference can be justified because of greater liquidity and greater % gains for speculators. Regards. Rajiv

To: Pete who wrote (59)	4/12/1998 7:22:00 PM
From: blankmind	Read Replies (1) \| Respond to of 4761

- You can't say IFLYW is trading at a "discount" to IFLY. - The strike price is $6.25. The stock price is $7. Therefore, the warrants have to trade at least $.75. Otherwise, there's a huge arbitrage play. - And in fact, the warrants are above $.75 -- trading at $1.03. - However, what you can safely say, is that the warrants are awfully cheap. You have almost 5 years to exercise the warrant. You're already in the money for $.75. Hence, you're only paying $.28 for the warrant.