Harken Energy Corporation (HEC) Message Board

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Gold/Mining/Energy : Harken Energy Corporation (HEC)

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To: R F B, Jr. who wrote (3134)	7/7/1998 4:35:00 PM
From: R F B, Jr.	Read Replies (1) of 5504

Gator II : Spoke to Larry Cummings at the company. The $15mm preferred shares were issued to RGC International Investors which is a small and relatively new investment firm serving a few wealthy investors. The Bass Brothers are RGC's largest investors and next in line is Carolyn Hunt. The Bass brothers have been involved with HEC in the past. Although Mr. Cummings did not go into the details of the contract he did say that to the best of his knowledge, short sale of stock prior to conversion was not legal. He related that this information was given to him by SEC lawyers. He went on to say that the issue of short sales came up recently due to market conditions (of HEC stock I presumed) and the investors were asked if they were engaging in such activities. Their answer was no. Mr. Cummings believes in the integrity of the investors, however, it does raise the issue of whether or not the holders of the preferred can or can't sell short. If they can't short sell, why bother to ask the investors if they were doing so? RFB

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