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Jean-Michel RIOND

05/06/03 4:29 PM

#23255 RE: broken80 #23248

Broken, as I'm not a member yet, I must use the public reply. Sorry not to be able to use the private one.

I'm from Switzerland, Geneva, but living in Spain, near Alicante.

When I sell puts, I intend to have a cost price near 18$ (if I sell a Sept 20$ put for 2$ for example), so, even if we have a pull back if Nok doesn't want to pay or for some other reason IDCC is used to, I have time to buy back without any loss or wait the shares to be put to me.

I have sold actually 170 (puts) May, June, Sept and jan05. Like you. And I'm thinking to sell more June 20$ and Sept 22.5$ after the results of Q1. To sell 25$ puts or to a higher strike price, I prefer to let the management have time to build a solid stream of revenue, that means until next year. It seems to me too much risk to sell higher than 25 now.

People here say : "mas vale un pajaro en la mano que ciento volando" which means better to have a bird in the hand than hundred in the sky.