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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Harold Hertzfeld who wrote (14659)9/19/1999 8:30:00 AM
From: Zeev Hed  Read Replies (1) of 27311
 
Harold, it is quite possible that the recent inavailability of stock to short in normal accounts is due to the fact that the stock has been under $5/share in the last month. Many brokerage houses will not allow shorting of stock under $5 because such stock is not marginable, when shares are not marginable, they are moved into "virtual cash accounts" and thus not available for shorting. These rules apply to small fries, however, and large clients with ample collateral (and what better collateral than a piece of paper that says it is convertible to stock at an average of the last so and so closing bids?) are not requested to abide by these rules. I have been told by some people on SI that a number of the new on line brokerage firms have laxer rules.

Zeev
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