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To: Mike M who wrote (27488)	11/21/1998 6:52:00 AM
From: Skeeter Bug	Read Replies (1) \| Respond to of 164684

mike, that is exactly what i said. >>paul, mike owns x shares and is short x shares. he shorts buy selling his longs and "boxes" by buying them back.<< as for losses being recorded, that is a tax issue. there was a $2 loss on that transaction.

To: Mike M who wrote (27488)	11/22/1998 12:08:00 AM
From: Paul Engel	Read Replies (1) \| Respond to of 164684

Mike - Re:" .Boxing the position refers to being "both long and short" the same stock..." I have always heard - and used - this as "shorting against the box" - which is, as you say, shorting the same shares that you already own - generally to lock in a specific sales price but delaying the date of the sale until the "long" shares are used to cover the short position. Paul