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To: Sonki who wrote (14794)	8/20/1998 6:08:00 PM
From: Nancy	Read Replies (1) \| Respond to of 42787

tlab - hard to say because of cien deal. they obviously pay too high a price for cien or being deceived by cien. otherwise tlab is a good company. what drugs you are collecting other than pfe & wla ?

To: Sonki who wrote (14794)	8/20/1998 6:47:00 PM
From: Judy	Respond to of 42787

sonki, the most attractive trade on TLAB/CIEN was an arbitrage play the day CIEN announced that they would all short of analyst estimates. The spread between TLAB and CIEN was at least 6-7 points that day. Short TLAB shares and go long CIEN shares would have locked in the spread. On finalization of buyout this Friday, you would have pocketed the 6-7 points ... by covering the TLAB short with shares of TLAB that CIEN converted into. Downside risk was if the deal fell apart ... Now it is a matter of fundamentals, TLAB is fairly priced at 57ish with the CIEN buyout, provided CIEN disclosed everything.