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Technology Stocks : AremisSoft Corporation (AREM)
AREM 0.10000.0%Aug 17 5:00 PM EST
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To: Seeker of Truth who wrote (481)7/1/2001 5:53:13 PM
From: cgw1948  Read Replies (1) of 683
 
No. Your hypothetical is wrong. Once the broker for Mr. A,
the true owner, lends them to Mr. B, for sale to Mr. C,
the broker for A now longer holds any shares in street name
or otherwise. He has lent them to Mr. B.

In any event, to get the new Class A shares, WHOEVER holds
them in your scenario must physically tender them to the
Company first. Otherwise he will get no Class A shares.
When that tender occurs, the "borrow" disappears, and
the short must cover.

The Company will not allow brokers to effectuate the
exchange of new Class A shares for the existing shares
through journal entries. Accordingly, cooperation among
brokers cannot obviate the necessity of physically tendering
the existing shares which will cause the "borrow" to
collapse. Get it?
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