Cityscape Financial (CTYS) Message Board

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Non-Tech : Cityscape Financial (CTYS)

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To: blankmind who wrote (1258)	10/21/1997 11:37:00 PM
From: Ploni	of 2544

The shares outstanding were around 31.866 million, though that's probably higher now, following some of the conversions. As of the last shareholder's meeting, in June, about 72% of the common stock was closely held, between management and Franklin Funds. But we have no idea what the situation is now. The short interest has therefore been a very high percentage (around 35-50%) of the float for several months, but it hasn't caused any short squeezes. Today's volume was probably greater than the float, which probably shows a lot of reselling by the market makers, and perhaps a lot of daytrading. How high does short interest have to get to cause a short squeeze? What if it's over 100% of the float, through the practice of shorting non-existant shares? Doesn't a short squeeze still need a spark to set it off?

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