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YOU OWN LYCOS
THIS IS NOT SPAM

Lyonvest bought 100 shares of Lycos (at 61 3/8 dollars per share) as part of it's diversified group portfolio. Immediately after the acquisition, we sold a "covered call" resulting in before tax profit of $1,162.50 USD. The details of a call option tend to confuse people, however; a basic overview would be as follows:
  1. We offered to sell our 100 shares of Lycos for $65/share until January 16, 1999.
  2. A buyer purchased this "option" from us.
  3. The buyer can "exercise" his option to purchase our shares at any time between now and January 16, 1999 (at 3:00pm.)
  4. The buyer gave us $1,162.50 (after the commission was taken out.) This is our money no matter what -- it is "in the bank".
  5. The buyer may exercise the option. At that time, he will pay us $65/share.
  6. If the buyer does not exercise the option by 3:01pm on January 16th, we get to keep the Lycos stock and the $1,162.50.

    The other initial stock purchases include Atlantic Richfield (ARCO), Brush Wellman, Hines Horticulture, NORD Resources, Purina/Energizer/Eveready, Ruger, and Veridien.


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