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Biotech / Medical : CHANTAL Pharmaceutical

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To: Dr. Jeff who wrote (875)	6/24/1997 8:25:00 PM
From: Zeev Hed	of 1169

Jeff: I was under the impression that only MM and "against the block" shorts are feasible with non marginable stock. Are you saying we still have residual Reg S in play or are the MM doing all the shorting?. Can someone look up the short position on CHTL. It is getting close to my reentry point, but I would rather wait and see if it is a death spiral of a Phoenix flight situation. I personally believe it is genuine selling, people that were discouraged by the rapid decline from the last rally and finally have decided to take their lumps and redeploy in the booming rest of the market. It really started falling apart when the general market started to take off in the afternoon. It is going to be tough to decide whether to reenter or not. For the time being I am not walking in front of a freight train.My gut feelings is that 23/32 will not hold. Zeev Zeev

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