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Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Podsiadlik who wrote (3186)	8/12/1998 3:13:00 PM
From: dougjn	Respond to of 11568

Kevin, the reason for the large Wcom short position is the pending merger with Mcic. The arb play was to short wcom, long mcic for the spread between the two. The spread is now small (after the European and US antitrust approvals came through), but it used to be big. This has been a big time arb play. Big. I've been playing the spread by being long Mcic rather than Wcom from the date of Wcom's first bid. Not short Wcom, but did sell my strong Wcom gains to that point to play the probability of a bump in bid (which happened, in spades), as well as the merger spread. Will hold the Wcom I get in the merger for a long time. Doug