Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Zeev Hed who wrote (1001)	10/9/1999 4:39:00 PM
From: Larry Brubaker	Read Replies (2) of 1438

Speaking of joining them, yesterday I covered my short of WSTL (sold at $8 13/16, purchased at $7 7/16). My guess is WSTL will trade in a trading range of between $7 and $9 for a while with the bandits covering at the low end and shorting at the high end (like they did with VLNC for several months, IMO). I don't think they will begin the real pressure on the stock until next spring, when they can drive the coversion ceiling down from the high $6s to the mid-$4s. In fact, I don't think the bandits have had a chance to fully hedge their $20 million convertible yet. Next move with WSTL may be to go long if the support comes in around $7 like I am expecting.

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