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Technology Stocks : Audio and Radio on the Internet- NAVR
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To: Harry N who wrote (24039)10/11/1999 4:55:00 PM
From: Gutterball  Read Replies (1) of 27722
 
I hate to say it, but wee investors may have been set up by Navarre. I'm referring to the S-3 filed 9/15/99 with the SEC. It registers 2.7 million common shares for conversion.

sec.gov

Here's part of the plan of distribution...

In addition, Fletcher or its successors in interest may enter into hedging transactions with broker-dealers who may engage in short sales of the common stock in the course of hedging the positions they assume with Fletcher. Fletcher or its successors in interest may also enter into option or other transactions with broker-dealers that require the broker-dealers to deliver common stock, which may be resold thereafter pursuant to this prospectus. Fletcher or its successors in interest may also pledge the common stock in connection with hedging transactions or other transactions.

This is about the only thing I can find to explain today's sell off. Considering Fletcher et al, BOT the preferred Aug 20, 1999 and Navarre registered it for sell Sep 15, 1999, I'd say they planned the conversion to coincide with the NETR IPO.

The bad news, I doubt there were sufficient shrs traded today (5 million) to flush the conversion -- we still have an overhang which could carry past the NETR IPO.

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