Re:

I. having a call on nick shares, even if it is a highher strike, different time, different terms, woudl leave him in-but out. 2. a tuned version, of the instrument , might want include a put, guaranteed by cash, therefore bankable at 92%. no tax at all.

issue a structured product that gives a small coupon, "? piece of up.? etc

:)

Have to think about bow to finance the put. It can be at a lower price than call, but still need 2 billion of credit behind the put.

i billion from the co

You're killing my cash flow if a coupon. Can do strip w piece of ups. Put will also facilitate disguised sale designation.