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To: accountclosed who wrote (38329)	5/4/1999 2:13:00 PM
From: wlheatmoon	Read Replies (1) \| Respond to of 86076

AR, I asked Burke this question....maybe you can shed a light on it for me, too.... An option question..... CNTO is around 48 now.....takeover speculated with unknown premium.....guesses range from current price up to 60 or so. If I sold jan 2001 50 calls for about 9 3/8, I lock in a sizeable gain....now what if the takeover is for 50 dollars, will that make the jan 2001 50 calls worth basically nothing? What if the takeover price is for $60, how would one calculate what the calls are worth, then.... seems like a strange scenario,,, I think CNTO is worth $60 to be taken over and I'm happy to sell those calls, but I wonder what would actually happen if there is a takeover or takeunder? Thanks. mike