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you a dealer in securities?
A No.
Ms. Gordon also points to the following testimony elicited by Ms.
Gordon, through her counsel, on Ms. Gordon's direct examination
of Mr. Gordon:
Q * * *
For what purpose were you holding the stock that
you -- that you had in your account?
A Hedge.
The only other question relating to Mr. Gordon's hedging alle-
gations that Ms. Gordon asked Mr. Gordon was the following:
Q * * * You indicated that you were not a
dealer in securities. What did you mean by that?
* * * * * * *
A I would classify a dealer in securities as a
specialist on the New York Stock Exchange who makes a
market in the underlying stock of the options I traded.
Based on the foregoing testimony, we were able to find in
our Opinion that Mr. Gordon was not a specialist on the New York
Stock Exchange who made a market in the stocks underlying the
options that he traded. However, we were unable to find, based
on Mr. Gordon's conclusory testimony quoted above that he held
certain stock in an unidentified account8 as a hedge and other
8 The only documentation in the record of any "account" main-
tained by Mr. Gordon during 1986 consisted of the following
statements issued to him by Wagner Stott Clearing Corp. (Wagner
Stott statements): Wagner Stott statements for the periods Mar.
(continued...)
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