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To: jbn3 who wrote (40997)	5/8/1998 12:33:00 PM
From: Ben Antanaitis	Respond to of 176387

jbn3, Basically he has a model which calculates the total values for a specific options expiration date of all the calls and plots it against the values for the puts.The intersection of the two curves is where the greatest amount of option money expires worthless, the MaxPain point. Ummm, close but not quite. Let me explain. One graph shows 2 curves. One curve is the cumulative value of all the puts vs the possible closing price of the stock on expiry day. The second curve on that same graph is the cumulative value of all the puts over the same range of closing prices for the stock on expiry day. The cross over isn't necessarily the Max-Pain point. For that, I generate the second graph. The second graph, the one that shows the Max-Pain point, is the sum of the put value curve and the call value curve. This gives us the ability to visually pick out the minimum total open interest value point across the possible range of stock closing prices on expiry day. This is the point where the options buyers are holding the maximum number of worthless contracts and the options seller keep the maximum amount of premium. And the point is to try to see if the stock price is attracted to this Max-Pain point price on expiry day. Ben A.

To: jbn3 who wrote (40997)	5/8/1998 12:48:00 PM
From: Venkie	Read Replies (1) \| Respond to of 176387

Well ole buddie...Hopefully 90 by close..WE MAY GET SOME SHORT SQUEEZING. *ot*For Dell Heads who hold spaz only Ck Spaz news...Big deals happening. Lt you should read this trash

To: jbn3 who wrote (40997)	5/8/1998 1:05:00 PM
From: stephen wall	Read Replies (1) \| Respond to of 176387

3, There is a very, very disturbing article appearing in the current print edition of Fortune magazine. It seems like there is a cottage industry of litigation developing around Microsoft, particularly Richard Scruggs from the tobacco prosecutions: The full article follows: MICROSOFT VS. lOTS OF LAWYERS When it comes to finding the lawyers equivalent of the mother lode, plaintiffs attorney Richard "Dickie" Scruggs is the canniest of prospectors. As anyone knows who has followed Scruggs' orchestration of the legal campaign against Big Tobacco, it is worth paying attention when the wily Mississippian drawls the name of the company he wants to go after next: "Mah-crow-soft". With 13 state attorneys general and the Justice Department set to file complaints against the company in early May, Scruggs may well have been signaling a gold rush. In fact, the most significant aspect of the state and federal actions against Microsoft may be what one source familiar with the states' case gleefully calls "the cottage industry in Microsoft litigation." "I'd have to do some more research," Scruggs tells FORTUNE, "but it seems like something that we'd like to be involved in." And theres's a good chance they will be: The states cannot finance extensive litigation against a company as rich as Microsoft; they'd have to enlist lawyers like Scruggs- on a contigency fee basis. One source close to the case says the current complaints are only the beginning: "We ar investigating Microsofts actions with respect to Java, Windows NT, and their foray into consumer electronics.. We're potentially taking about years of ivestigation." For Scruggs and his ilk, "years" has a nice ring to it. He says that he has already had "informal" discussions with Misisippi attorney general Michael Moore about suing Microsoft.(Scruggs represented Mississippi in its anti-tobacco lawsuit; the state has not formally joined any complaint) For Bill Gate, the specter of Scruggs; taking his pickax to Redmond is scary enough. But the real threat such a litigious free-for-all will pose is the ingenuity it's likely to inspire in other attorneys looking for new ways-and new grounds- to sue the company. Technology law is fairly unexplored terrain, and the states' interest in Microsoft could open the door to a whole new tech-oriented plaintiffs bar. Some high-tech layers have already expressed interest in working with the states to come up with new antitrust cases against Microsoft-and a host of new complainants, including Microsoft competitors and customers, are just as eager to hire them. -------------------------------------------------------------------- Here are the fees this scumbag Scruggs is likely to gain from the tobacco litigation. cato.org The real threat in this country is the Monopoly garnered by opportunistic, feeding-frenzied lawyers and their accompanying bar associations and legislatures. Of course with their LARGE contributions to the nations GNP and productivity gains(heavy sarcasm), who are we to squabble. I suggest a national holiday where the CEO's of the nations corporations go skeet shooting with the heads of litigation lawyers as their clay pidgeons. And how many of these attorney generals do you think will be using the Microsoft litigation as national exposure and a platform for higher office? Shame on you Texas! pissed and angrily watching the birth of our newest industry, stephen