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Non-Tech : GENI: GenesisIntermedia.com Inc
GENI 10.71+1.6%Jan 9 9:30 AM EST
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To: H James Morris who wrote (78)5/11/2001 2:59:43 PM
From: tradermike_1999  Read Replies (1) of 574
 
thanks for the times article - read this:.

CFO of GENI says company is worried that stock could collapse suddenly:

"I think that after our chairman sent out his letter, our shareholders started to take possession of some of their shares, forcing the shorts to cover their positions," said Douglas Jacobson, the company's chief financial officer. "There also may be upward pressure on the stock from people seeing the letter and then buying in anticipation that the short squeeze will get more dramatic."
Indeed, Jacobson conceded that Khashoggi might be among those investors and might eventually sell shares to bring his holding closer to the third of the company he owned previously.
According to documents filed with the Securities and Exchange Commission, Khashoggi purchased more than 60,000 shares at about $11.30 each since El-Batrawi's letter.
"It could end up being very good for him to have the shorts buy back shares from him," Jacobson said.
Though Jacobson said he believes the shares could ultimately be worth more than what they are currently trading at, he said there is some concern at the company that a precipitous drop could occur.
Roesler noted that without the squeeze, there is not much to distinguish Genesis from other companies that have attempted to develop a smorgasbord of Internet businesses. He said the company has a lot of debt and less than $2 million in cash. One factor detracting from the value of the company is that shares are concentrated with just two individuals, providing minority shareholders little opportunity to influence Genesis' operations.

latimes.com
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