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To: ztect who wrote (816)	2/9/1999 3:39:00 PM
From: Rajiv	Read Replies (1) \| Respond to of 1329

Re: Boxing 1). Can one "unbox"...in either direction??? Reducing short or long? Yes.. If you sell the long portion, you are net short. If you buy-to-cover your short, you are long 2). In essence, are you borrowing your own shares to short? No. You are boxing a short. (You short first and later go long). You need to be able to borrow shares for the initial short position 3). Is the real advantage to just be "in" for both the "pump" uptick and subsequent down sell-off...with reduced margin and risk? Yes. By the way, there were other benefits before (these loopholes have been closed) - Avoiding taxes. - Selling the long portion on a downtick Regards. Rajiv