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To: PCSS who wrote (988)	8/5/1998 4:30:00 PM
From: Arrow Hd.	Read Replies (2) \| Respond to of 1069

I think the calculation is the reverse division which says that ISLI is selling at only 77% of its conversion price. Either way it is huge at this stage. Also, MIFGY has edged back over 38 so there may be more upside with it. I think the firm mentioned in Barron's over the weekend is dumping their full position and putting pressure on ISLI and that is why the spread. Kind of like a reverse arbitrage effect. If that is true, then there is a disconnect between ISLI and MIFGY as long as this dumping has any kind of effect as a percent of the sell side volume. At some point I firmly believe ISLI will close the gap and MIFGY will start to move back up but this may not happen for a few months.