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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: Gary E who wrote (58350)	2/24/1999 3:25:00 PM
From: broken_cookie	Read Replies (1) \| Respond to of 58727

I am going to make up the figures but this is the general idea. 3:15 of expiry friday INTC is halted at $125 for news. AMD wins a stunning victory for the right to clone the 486. Stock (and options) remain halted for the rest of the day. Around 5:00 PM, stock reopens on instinet at $97. Crammer owns lots of 115 and 120 calls that he bought out of the money. He is looking at having to pay 15 to 20$ over what the stock will open at on Monday. He informs the CBOE in writing (fax) and by phone that he is refusing exercise. Not a theoretical exercise; this really happened. If he hadn't done that, exercise would have been automatic. I think that's it. I'll see if I can dig up the piece.