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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Kevin Shea who wrote (4267)	3/12/1999 5:59:00 PM
From: Bob	Respond to of 57584

OT you can't pick your friend's nose. I can't believe I remember these.

To: Kevin Shea who wrote (4267)	3/12/1999 6:01:00 PM
From: Tony B	Respond to of 57584

OT brain-teaser --> Here's an interesting one... A pirate ship captures a treasure of 1000 golden coins. The treasure has to be split among the 5 pirates: 1, 2, 3, 4, and 5 in order of rank. The pirates have the following important characteristics: Infinitely smart. Bloodthirsty. Greedy. Starting with pirate 5 they can make a proposal how to split up the treasure. This proposal can either be accepted or the pirate is thrown overboard. A proposal is accepted if and only if a majority of the pirates agrees on it. The Question: What proposal should pirate 5 make? llater, Tony B The answer (and puzzle) is here brain-teaser.com

To: Kevin Shea who wrote (4267)	3/15/1999 2:31:00 PM
From: Rande Is	Read Replies (5) \| Respond to of 57584

Any arbitrage players out there? . . . Tell me what you think of this play. . . TUNE / TUNEP [TCI Music] When A.T. and T. bought TCI they got dozens of little companies and portions of companies. I think TCI owned 85 percent of TCI Music, which now means that T will own TUNE and TUNEP. T already has a music company called "a2B music". Both are focusing on internet delivery of music, but TUNE [TCI Music] also owns DMX music, which is the world's largest supplier of music to commercial establishments [restaurants, retail stores, office buildings]. So what about arbitrage? I heard today that on April 8th, TUNEP will convert to T. Well we expected that. . .I thought it would have happened when TCI merger was completed. Now here is where it gets interesting. As I understand the conversion, on April 8th, TUNEP will be converted in T at the rate of 21.24 shares of T for each 1,000 dollar value of TUNEP. Don't ask why dollar value and not share value. . I have no idea. Now, if that is true. . . please call / read on your own and DO NOT rely on my DD. . . then if TODAY were April 8, then the following would occur: 1,000 dollars of TUNEP [today's price =13.00 per share = 77 shares] Converts to 21.24 shares of T T [today's price =82 1/2 dollars per share] 21.24 shares of T = 1,752.30 dollars - - - - - - - - Correct me if I am wrong, PLEASE. . . but this is showing 1,000 = 1,752 and if so, then that spells big opportunity. - - - - - - - - Now, I don't know HOW the big arbitrage community is "playing" this one. . .they seem to have their own little game with every stock. Short the common and go long on the preferred. . .short the survivor and go long the mergee. . . etc. etc. . . I really don't know much about this game, so I am asking you guys for any light that can be shown here. As I recall from talking with TCI about TUNE and TUNEP several months ago. . .the TUNEP was equal to 3 shares of TUNEP. . . so there could be a similar arb play with the commons. Now you guys already KNOW how I feel about A.T. and T. Buying TCOMB at 46 turned out to be a wonderful play for cheap shares of T, when converted at a rate of .85 . . and with a 3-for-2 split in T coming, it turns that investment back to FULL shares of T with change to boot. This TUNEP deal sounds "too good to be true," so I am looking for EVERY hole that can be shot in this deal. It should start with calls to the company. . . maybe I am missing something. Rande Is