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: PeterR1700 who wrote (7431)	6/29/1999 7:34:00 PM
From: David H. Zimmer	Read Replies (1) of 20297

Not specifically, but after watching those market makers who are known short sellers, you can usually tell who is doing what. You have to understand, a great deal of the work I have done is on the regulatory side. The biggest problem the markets have is short sellers who establish a position honestly then sell at or even under the bid to drive the price down. The stock that they sell at or under the bid are shares that they do not own. As such, the sale is really a short sale, but is reported in type "1" cash, as being a sale for which shares will be delivered. When the delivery of shares is not made the position is bought back, with "T+3" in effect, no more than five days later. That is why drops like CKFR has sustained last no more than four to five days. This tactic is easy to catch but the market makers are not worried. The largest fine I have seen for actions of this nature was $100,000 and let's face it, they made more money being dishonest than they would have to pay in a fine, if caught.

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