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To: SliderOnTheBlack who wrote (34800)	1/11/1999 2:01:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

Slider, do you mean you think they are shorting against the box? To tell you the truth, I'm not sure whether this is still a legitimate means for postponing taxable gains. Maybe you or someone else knows. If that's what they are doing, then the issue of closing positions could be one of time, rather than price. But I can't think of any other reason why a shareholder would simultaneously hold large positions both long and short, as opposed to just closing out the positions. (Well, perhaps if they are day-trading, they would hold both positions so that they could effectively go short even on a downtick by selling the long positions, rather than by opening new shorts.)