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Technology Stocks : IFLYW the IFLY-warrants, a REAL VALUE PLAY -- Ignore unavailable to you. Want to Upgrade?

To: Richaaard who wrote (132)	4/29/1998 9:37:00 PM
From: StaggerLee	Read Replies (3) \| Respond to of 171

>>but the price appears to be getting ahead of itself. Not the warrants -- IFLYW warrants are trading below their intrinsic value. They closed at $2.50 and they're worth $2.56 based on closing prices. There is no rational reason for buying IFLY at these levels when the warrants provide three times the leverage at a discount to their intrinsic value, with no time premium. If IFLY rises any more it will create a legitimate riskless arbitrage opportunity: Buy the warrants, short the stock, and then convert the warrants and pocket the difference.