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To: Joe NYC who wrote (18472)	11/18/1998 7:29:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Joe -- Re : "I read in another news story that their (Omnipoint's) bonds yield 24%. I guess they should stop throwing out the credit card offers they get in their offices." Well, then I have a trade for anyone who can get their broker to go through the hassle of getting junk bond orders executed. Buy some Globalstar bonds (if they are still trading at a yield to maturity of around 24%), and simultaneously sell short some Omnipoint bonds. (I am assuming you meant y.t.m. on the Omnipoint ones, not current yield). The usual complaint regarding being short bonds is that one has to pay the interest to the "long" on the other end of your trade. This will not be a problem with this strategy, unless GSTRF stops paying interest, AND Omnipoint continues paying interest. No guarantees, remember. Jon.