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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (13838)8/19/1999 6:20:00 PM
From: Zeev Hed  Read Replies (1) of 27311
 
Paul, of course, I do not know what info CC might have, but they could have info that points to no imminence of a PO, and thus they may chose not to convert but to increase their short. It at $6/share, they could have been short 1.25 MM shares, at $5/shares they can increase that short position to 1.5 MM shares and at $4 to 1.875 MM shares, all still fully hedged by their $7.5 floorless. Note that when shorting at $4 they pocket an additional $2.5 MM on top of the $7.5 they have already pocketed (or more if our model of their gradual shorting in the $7 to $8 is correct).

The problem of course is that if they indeed are the one culprit, they may continue this way and the mere pressure of their short will keep pressure on the price. I did not see the day's end rally and the type of volume associated with it, so I have no idea if it may indicate the end of this game or not.

Zeev
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