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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (12533)6/30/1999 10:43:00 AM
From: William Epstein  Read Replies (2) of 27311
 
Rich Wolf;

Thank you for the information. I see now that part of the statement
was not up-to-date. Your comments about their financing problem reflect my thoughts too. However, I wouldn't be too comfortable until CC has exercised its option at the end of July. They are known for short selling and they have a perfect vehicle for the purpose in the debentures they purchased. I suspect that is one reason why they took the deal. It the price goes against them they just deliver the shares. If the price goes their way they can choose to exercise of not depending upon what shorts they may be holding and at what price. They are covered in both directions. I am sure this point has already been made many times on this BB.
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