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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: The Pri who wrote (733)	5/25/1998 9:42:00 AM
From: John Thomas	Read Replies (1) \| Respond to of 4155

They do not have to cover!!!!! just go out and buy 1,092 shs of GNT and short 1,000 shs of CNC. They cover themselves and you make better that 10% on your money in 6 weeks if the deal happens, and CNC does not go any lower! They large short interest in CNC has almost always been some kind of arbitrage, either a deal like GNT or against one of their convt PfDs. There has been almost no short interest in CNC that has not been an arbitrage in the past 3 years. You have to remember that the arbs got burned big time when the Kemper deal feel through 4 years ago so they are not keeping this deal as tight as they should. Also take a look at the short CNC call option, long GNT call option that has been going on the past few weeks, looks like free money!! John