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Non-Tech : LL Knickerbocker(KNIC)/Pure Energy Corp
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To: Steven Messina,L.M.T. who wrote (90)1/16/1997 1:53:00 PM
From: Juan Dominguez   of 1028
 
Hi STEVE AND OTHERS --The motha' of all short squeezes is upon us!! :)

All this morning's news release means is that all conversions of debentures will be suspended---THEY ARE NOT CANCELLING OUTRIGHT. So what happens? Several market makers, who have been shorting massive amounts of stock for the account of the offshore funds in last 1-2 months, are now up SHITS CREAK!!!!!! Since they were counting on replacing the shorted stock with converted stock, they were effectively " SHORTING AGAINST THE BOX", however, now that conversion is suspended they cannot rely on getting converted stock to cover the shorts SINCE THE CONVERSION IS NOW SUSPENDED! Since most MMs cannot hold "naked" shorts for a long time, they are now forced to cover the shorts by buying the stock in the OPEN market. THAT IS HAPPENING RIGHT NOW, THUS THE NAME "SHORT SQUEEZE".

Remember, MMs shorts do not have to be reported to the NASDAQ on 15th of the month! So the short interest will be negligable when you see it in the WSJ or IBD on Jan. 27. BUT, if our calculations are correct, they may have a short position of over 1.5Million shares. Thats 1.5 million shares they have to buy in the next few weeks, thereby causing the stock price to perhaps fly over 15 in a week or 2.

Like I said before--THE MOTHA' OF ALL SHORT SQUEEZES IS UPON US!!! :)

Good luck
Juan
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