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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Bruce A. Thompson who wrote (6673)1/3/1999 11:58:00 PM
From: Larry Brubaker   of 27311
 
Bruce, yes I've seen the short interest.

In this case, however, the short interest may be less ominous than it looks. My theory is Castle Creek shorted the rally to $10 or $11 in order to recover the $7.5 million they put out on the first tranche, plus a healthy profit.

Since they have now agreed the first tranche of preferred stock will be converted to common at the fixed price of $6.03, in essence they have already covered (assuming they shorted to begin with) at that price. If so, the short interest is not really that big of a deal.
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