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

To: Logistics who wrote (98)	4/10/1998 12:03:00 AM
From: Logistics	Read Replies (1) \| Respond to of 4761

Did a cursory comparison of: RMII and RMIIW and IFLYW are WAY UNDERVALUED AGAIN!!! IFLYW's will have an extremely large gain on Monday in my opinion. JL

To: Logistics who wrote (98)	4/10/1998 1:05:00 AM
From: Bnad	Respond to of 4761

Looked at KTWO's SEC form 424B1 (7/29/96), link below: sec.gov Two shares of KTWOW entitle the holder to buy one share of KTWO at $7.50 anytime before July 25, 2001. Shares are callable if KTWO trades at or above $10.50 for 20 consecutive trading days. IFLYW differs from KTWOW in that redemption is locked out for nine months--so even though IFLY may hover at $9.50 till next January, you cannot redeem IFLYW for IFLY stock until Jan. 13, 1999 without the written permission of First London SC. IFLY could hover at 7-9 for six months and then fall to $2 if the company had problems, damaging IFLYW's worth. By holding IFLYW you are taking the risk that IFLY may fall below 6-7 before Jan. 1999, and may not recover above 6-7 even by 2003. This could happen--there are stocks that shoot up initially, only to have the stock price decay to 1 or 2 over time... IFLYW holders are betting this won't happen for IFLY (or that they'll be able to sell their shares to someone else before this happens). I think the discount on IFLYW compared to that for KTWOW may have something to do with that risk, which doesn't apply to KTWOW. You can cash in two shares of KTWOW for a share of KTWO right now, as far as I can see. You cannot cash in your IFLYW share for an IFLY for about nine months. Brad