CheckFree Holdings Corp. (CKFR), the next Dell, Intel? Message Board

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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?

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To: David H. Zimmer who wrote (6614)	6/24/1999 11:39:00 PM
From: TLindt	Read Replies (2) of 20297

>>>>In my estimation it was Merrill that was covering. During the last two weeks I seldom, if ever saw Merrill on the bid, unless it was very well disguised within the Instinet market. Page 95. sec.gov F. Rule 105 - Short Sales in Connection with an Offering The Commission is adopting Rule 105 to replace Rule 10b-21. Rule 105, like Rule 10b-21, prohibits certain short sales from being covered with securities obtained from an underwriter, broker, or dealer who is participating in an offering. Rule 105 is intended to prevent manipulative short selling prior to a public offering by short sellers who cover their short positions by purchasing securities in the offering, thus largely avoiding exposure to market risk. Such short sales could result in a lower offering price and reduce an issuer's proceeds. Rule 105 differs from Rule 10b-21 because it covers only those short sales effected in the period commencing five business days prior to the ==========================================START OF PAGE 95====== offering's pricing and ending with such pricing, rather than the potentially much longer period of Rule 10b-21, which commenced with the filing of a registration statement or Form 1-A.-[135]- In its comment letter, the NASD expressed strong support for Rule 10b-21 and recommended that the current restricted period be retained because the date of the filing of a registration statement or Form 1-A can be identified with certainty in advance by potential short sellers. The NASD also urged that Rule 105 be amended to prohibit expressly a short seller from "directly or indirectly" covering short sales with securities purchased in a public offering. Another commenter suggested that the rule would be more effective if it covered transactions in related options. A third commenter urged that the exception in Rule 105 for shelf- registered offerings be eliminated. The Commission believes that the application of Rule 105 should be limited to the period corresponding to the longest restricted period of Regulation M, which is five business days, and that short sellers contemplating a covering transaction will be in a position to know if any of their short sales were made within that five business day period. If short sales were made during this period, the short seller cannot cover those short sales with securities purchased in the offering. FWIW...I'm just reading shit

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