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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Max Smith who wrote (6220)	8/1/1998 1:02:00 PM
From: Alan Palange	Read Replies (2) \| Respond to of 22640

Thanks for the Barron's article..Looks good! I understand we have the option to transfer our TBR to TBH..No problem. Here is my question. As we all know the TBH will mirror the value of the baby bras, What I'm not sure I understand is how the value of TBR will reflect the value of all 12 baby bras. Will arbs keep this in check. Or is TBR to stop trading when all twelve start on Tuesday? And I still can't find the answer to a simple question. What happens to my August calls on TBR. I'm assuming that they will not change and should use TBR as the underlying. However when I called the CBOE and spoke to a manager, lets just say that he seemed to have less knowledge then I, which does not say much for him. And forget my broker, I had to teach him what was going on. CBOE thinking was that they may now give you options in all 12 companies...Can't see them doing that. And when will they deliver this information, hopefully not Tuesday when they start to trade. And will all twelve companies start trading at once...I guess it does not matter as long as the big tickets start to trade. Is anyone else pissed off that they can not get a simple answer. Why do I feel that none of the big boys did there homework on this prior to the auction. Kind of makes you think. IMO, I truly think the action on Friday was not reflective of what's to come next week. I think we may see a jump to $135 to $150..Lets remember it is TBR, the stock that swings like no other. I would love to here some feed back by anyone that feels they have any insight to add to my thoughts...Thanks much...and best of luck next week...off to the races we go!