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To: Artslaw who wrote (15795)	10/30/1998 6:17:00 PM
From: Artslaw	Read Replies (1) \| Respond to of 17305

General stock question for the thread: I recently bought SHVA for the 7 1/4% arbitration, figuring it was highly unlikely that the deal would fall through and, at worst, SHVA would reject it, eventually driving the stock up. Anyway, this seemed like something reasonable to do with free cash, and would turn over in a couple months (if you believe the press release). However, today I saw an additional opportunity: I sold Feb 7.5 calls (covered, mind you) at 1/8. My question is: who in the hell would BUY these calls? Although I paid a rather high fraction in commission, I'm just trying to make a 'sure thing' sweeter (I wouldn't cry getting called at 7.5 anyway). The guy on the buy side, though, needs a super long shot to make money in this case. Can anyone tell me why selling those calls might have been a bad idea (excepting that the stock surges), or why someone would buy them? Thanks, Steve