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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (13308)7/23/1999 1:05:00 PM
From: Cathi Wierzbicki  Read Replies (1) of 27311
 
Hi Larry:

I own both SCUR and VLNC. Personally, I put it into the category of "forgone conclusion" that Castle Creek hedged (SHORTED) their position in both companies. Standard operating procedure. And, of course, that hedging (read: shorting) caused the price to fall further than it would have without it.

As far as those shares showing up in short interest statistics, I am not positive what the regulations are concerning it. I can say that I have frequently read on MANY threads that offshore shorting is not required to be reported. It is possible that all these posters are wrong. But, I tend to doubt that given the fact that the stocks in question did indeed decline substantially and did, subsequently, in SEC filings report HUGE share increases.

We will have to hope that VLNC manages to get Castle Creek to waive the floorless again. But, I think there is no doubt the stock is lower priced right now then it would have been without the floorless financing.

Cathi
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