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

To: LAWRENCE C. who wrote (113)	4/10/1998 11:01:00 AM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 4761

I have a question Lawrence, how much would you be willing to pay to buy the warrants at a strike price of $6.25 if the Stock runs to 17 before the warrants have a chance to be called? that would be called In the Money!

To: LAWRENCE C. who wrote (113)	4/10/1998 11:02:00 AM
From: Gerald L. Kerr	Read Replies (1) \| Respond to of 4761

>>I agree with Rajiv that IFLYW is at a premium. IFLYW = IFLY - 0.625 + 0.xx<< Actually, the above is not 100% correct. Should be: IFLYW = Max[ (IFLY - 6.25), 0 ] + (Time Value Premium) Translation: If IFLY < 6.25 or IFLY = 6.25, then IFLYW = 0 + (Time Value Premium); If IFLY > 6.25, then IFLYW = (IFLY - 6.25) + (Time Value Premium). Gerry p.s. With the understanding, of course, that "Time Value Premium" is not a fixed value but fluctuates according to a complicated formula I couldn't possibly understand.