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Microcap & Penny Stocks : HITSGALORE.COM (HITT)
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To: Mighty_Mezz who wrote (2324)6/19/1999 3:38:00 PM
From: Janice Shell  Read Replies (2) of 7056
 
Consider the tales of holders of convertible debentures shorting in offshore accounts, then covering with the cheap shares they get when cashing in their paper.

I could be wrong, but I don't believe it actually is illegal. It is, in fact, the entire point of such arrangements. Simple arbitrage.

I do think, though, that these are loopholes in our securities laws that should be closed.

It IS illegal to short on a downtick. And, for example, for company insiders to short in some circumstances. A company cannot, for example short against its own treasury shares, as I understand it.

Any securities lawyers out there care to comment?
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