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To: zurdo who wrote (12070)	3/25/1999 5:46:00 PM
From: KaiserSosze	Read Replies (1) \| Respond to of 27722

Thanks zurdo. What I suggest works pretty well, but there are also downsides. First, if for instance, NAVR cancels the IPO, and the stock totally tanks, the premium I'm taking in on the options isn't nearly enough to cover the loss that I'd absorb. Second, if the IPO is announced sooner than we think, I won't participate in the huge run up (anything over 14 1/2 I will lose a dollar on having to buy back the option for every dollar I make on the stock, so essentially my gains are capped at 14 1/2). But as I mentioned, since we have been in this holding pattern for some time now, it has been working well. I do realize that we must be getting awfully close to the IPO date though, so I don't know if I'll do this again after the April options expire! Happy investing/trading!!! Kaiser