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To: Linda Kaplan who wrote (6374)	5/3/1999 10:03:00 AM
From: otter	Respond to of 6565

Linda I can only tell you what the folks at Schwab told me - I'm NOT an authority (and you know the deal with Schwab...) Yes, based on what they told me, you would get 3 1/2 for your 17 1/2 Leaps. No commish. BUT NO... $ would come after the effective date of the buyout - weeks after - maybe a couple or three MONTHS after - hence their recommendation to sell out before close date. Options are selling for 1/4 point under 21 - ONLY a quarter point. Now, if it were to be 3 months before I were to see cash, a quarter of a point isn't worth it, is it?

To: Linda Kaplan who wrote (6374)	5/3/1999 10:12:00 AM
From: schlep	Read Replies (1) \| Respond to of 6565

linda- your understanding about the $3.50 is 100% accurate according to schwab. Puts would have needed to be held until expiration, but call / leaps act as you describe. Strategies: CALLs- if you are a gambler, the calls despite having just lost their time value (same price as just last week when stock was >$1 less), could pop should rumours arise of another offer. As otter said, holding the calls is just about riskless assuming expiration of July or more. JMHO, schlep