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To: Alias Shrugged who wrote (37418)	4/30/1999 6:26:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 86076

Mike, I had may and july 65's. as dal was spiking down to 60 the implied vollies expand on them and I just wanted to rotate out of it. there is TA support at 60 and the 200 dma is a 57 so DAL should not go plunging lower than that unless the mkt really starts to cave in and PVN and ctxs will sell off in that situation. Pretty Much the same reason that when I had puts on G last month that I got At 63 I sold them 2 days after it had it's revenue concerns, and had moved to the 50 level. The volatility premium comes out as a stock stabilizes. I am short UAl so I have some downside for the industry specific concern of higher energy prices. DAL has really taken a drubbing on little news this week. so hopefully it will continue to go vertically down for you... at which point you owe me a frosty bottle of the ThunderChicken

To: Alias Shrugged who wrote (37418)	4/30/1999 6:58:00 AM
From: John Pitera	Read Replies (3) \| Respond to of 86076

Mike, DAL has had a news item that's caused this weakness - WSJ so the issue is to game how big of a deal is this with his kids, will he lose his job. and does this really have any medium to long-term impact. I'd bet that DAL rallies today. He got DAl warrents on PCLN that made DAL twice as much money as their net income last year.... he's probably not going anywhere. Michelle H should ask him for PCLN trading tips -g- April 30, 1999 Delta Shares Fall 5.4% on Concern That Top Executive May Lose Job By MARTHA BRANNIGAN Staff Reporter of THE WALL STREET JOURNAL ATLANTA -- Shares of Delta Air Lines fell sharply as an embarrassing flap involving its chief financial officer spilled into concern on Wall Street that he might lose his job. Even though the company denied that the job of Warren C. Jenson was in jeopardy, Delta's shares fell $3.5625, or 5.4%, to $61.9375 in New York Stock Exchange composite trading. Although some other airline stocks also fell Thursday, Delta's decline was much steeper, and analysts said that reflected investors' concern over Mr. Jenson. Leo F. Mullin, Delta's chief executive officer, said Thursday afternoon through a company spokesman that "categorically, there is nothing to the rumors." Mr. Jenson couldn't be reached for comment. Mr. Jenson, who is 42 years old and joined Delta in March 1998 as part of Mr. Mullin's new management team, has been in the hot seat in recent weeks. On March 4, a Delta flight from Atlanta to Denver was delayed for 24 minutes as three of Mr. Jenson's children, who were traveling on free company passes, and their young friend, who was booked in coach, were escorted on board the plane and placed in first class. They bumped several revenue passengers to economy class, a Delta spokesman confirmed. Those passengers were reimbursed for the downgrade, Delta said. In turn, Mr. Jenson has reimbursed the airline more than $1,000 for its costs. "He has publicly apologized to Delta employees and taken responsibility," said Bill Berry, a Delta spokesman. "He stood up [Thursday] morning in front of the leadership conference of Delta executives and said, 'Hey guys, I just want to say it one more time. I'm sorry.' " The meeting was a regular get-together of top executives. The incident was posted on a Delta pilots' union Web site (www.dalpa.com/) and reported in the Atlanta Journal-Constitution on April 17. Last Friday, Mr. Jenson issued a letter of apology to Delta employees after a meeting over the incident with Mr. Mullin, Delta's chief executive. He also surrendered his airline pass privileges for six months. "I take complete responsibility for what happened. The blame goes no further," Mr. Jenson said in the memo addressed to "My Delta Colleagues." Mr. Jenson wasn't at the gate or involved in the delay of the flight or the upgrade. Mr. Jenson, who was the chief financial officer of the NBC unit of General Electric Co. before joining Delta, has emerged as a key member of the Delta management team. Wall Street analysts like his approach to managing the finances of the company, which generates revenue of more than $14 billion a year. He was one of the people behind Delta's decision to obtain a stock warrant in priceline.com (www.priceline.com), an online ticketing service. The warrant, which will likely be exercisable for conversion into common stock within a year, is valued at nearly $2.6 billion to Delta -- or more than twice what Delta earned in net income in the last fiscal year. "He's an asset maximizer par excellance," said Kevin Murphy, an analyst with Morgan Stanley in New York.