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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Zeev Hed who wrote (14691)9/21/1999 12:05:00 AM
From: Larry Brubaker  Read Replies (1) of 27311
 
<<Paul, by August 9th we had already much more than 2 MM short. My point is that the great majority of the short position is making money, no urgency to buy, the great majority of the long position is under water and thus a source of selling, until the fundamental situation changes, namely, where are those PO's.>>

Zeev, there were 2.3 million shares short by July, when the price was still above $7. Assuming most of the shorting was done at the upper end of the trading range ($6.50 to $8.50) of last spring, as well as the spike to $11 last winter, I don't think it is unreasonable to assume the average price of the 2.3 million that was short by July is above $7.50, and probably closer to $8.
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