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Technology Stocks : MRV Communications (MRVC) opinions?
MRVC 9.975-0.1%Aug 15 5:00 PM EST
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To: Sector Investor who wrote (17905)1/4/2000 12:25:00 AM
From: James Calladine  Read Replies (1) of 42804
 
SHORT POSITIONS:

I have not followed the dialog on the convertible debentures very carefully, but if I understand it correctly
debenture holders who decide to short the stock can do
so relatively freely since they know they can cover the short by conversion at the conversion price ($27.50 or so).

If this is a correct understanding, then such a short
holder would not be under any pressure to cover based on
actual market conditions. Their only interest would be in
initiating the short position some place north of the conversion price.

If this understanding is correct, and the substantial #
of shares short is significantly accounted for by such
debenture holders, we would not necessarily expect the short
position to decline until the final date for conversion was
reached.

Comments?

Best wishes,
Jim
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