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Non-Tech : E*Trade (NYSE:ET)
ET 16.800.0%Dec 5 9:30 AM EST
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To: Dan Proctor who wrote (11846)2/18/2000 9:30:00 PM
From: BWAC  Read Replies (2) of 13953
 
Dan,

TBFC had 33 Million shares outstanding. The float was 25 Million. So the arbitrage shorted shares could be no more than 33 Million, and most likely no more than 25 Million.

EGRP had 24.8 Million shorted as of mid January. We will get the February numbers in less than 2 weeks. I guess we will all just have to make some assumptions and then see if they are right.

My assumption is that short interest has not changed much even though the TBFC positions have been closed.

Also the winding up/unwinding of the Convertibles hedging should be considered too. So the Feb. numbers may not be what they seem. March may be a better gauge.
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