Subject: HC collar valuation - update
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Tue, 9 Jan 2001 02:17:00 -0800 (PST)

Andrea,

We computed the HC historical volatility for last 3 years, it is 47.2%.

Using this volatility, the costless collar call strike is at 83.32.

Zimin