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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: kolo55 who wrote (14587)9/15/1999 10:13:00 AM
From: Zeev Hed  Read Replies (1) of 27311
 
Paul, the conversion is indeed bullish. As for the "huge" naked position, I am not sure. CC might have their Preferred A hedged, and that would account for 1.25 MM of the short position, together with the 700,000 they converted today (to deliver against short?) might reduce (if these assumptions are correct) the naked position by 2 MM shares. CC does not have to file a form 4 until their commons (that they actually hold) are more than about 1.4 MM shares, so until we see the new short position or a form 4 we'll still be in the dark as to what CC's intentions were. It sure looks as if they believe that a "material" event must not be too far. Let see if VLNC can put together a string of new higher high and higher lows to indicate the start of a bullish trend.

Zeev
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