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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Instock who wrote (956)1/19/1998 9:35:00 AM
From: vegetarian   of 18691
 
Re: HCOM convertible.
They can short it even if they can't convert it because they can just hold the short until they can convert, the only risk being if the shares they shorted get called back by the broker.
Also, if you carefully read their words they are mixing two issues here.
Based on this press release alone it seems that they also issued 5% conevrtible debentures in October and they have to register the shares that would be needed for these convertible debentures.
Their clause states that the investors of floorless convertible (issued in December) will not convert more than half until 30 days after they register the shares for the October convertibles (whose date I don't know), the registration of additional shares for floorless convertibles is latest Jan 31, so the other shares may already have been registered.
I could be wring though.
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