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To: PHG who wrote (5627)	4/13/1998 11:30:00 AM
From: Ken Benes	Read Replies (1) \| Respond to of 10227

It depends what you mean used for. Because warrants are a type of option, they can be used in any number of strategies. If a holder is sitting on a substantial profit and he does not want to take possession of the stock, he can protect his position by going short against the box. The holder can always sell the warrant for a profit when it goes into the money or because a warrant usually has a long term expiration he can sit on it to enjoy a runnup in the underlying stock price without taking possession and use his cash for another investment. The company issuing the warrant hopes that the price of the stock reaches the strike price of the warrant because once the warrant is exercised, it is money in the till for the issuing company. Warrants are a great deal for the holder and can be used in any number of ways, it just depends on the goal and sophistication of the holder. Ken