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To: The Insider who wrote (20364)	8/10/1998 7:39:00 PM
From: joe	Respond to of 45548

>>the large volume of sept 25 calls may have been an employee options play by someone who wishes to exercise a few under 25.<< Would this be recorded as insider selling on the SEC documents? Also, that's a lot of options or shares...so it would be somebody high up. I wonder if insiders are allowed to do this at this time?

To: The Insider who wrote (20364)	8/11/1998 1:11:00 AM
From: chenys	Respond to of 45548

How would the employee option have anything to do with the option action in the security option market? I thought that was about the employees selling their shares into the market when they do exercise their option by paying a price lower than the market value. Usually they won't keep them unless they exercise because of the expiration date set by the company. The shares should come from the company reserve rather than from the open market. Of course, companies have to buy back from the market if their reserve runs low. Am I wrong?