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Biotech / Medical : PLSIA (Premier Laser Systems)
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To: Louis Riley who wrote (832)6/25/1997 10:16:00 AM
From: Louis Riley   of 1773
 
June Short Interest Figures As Of 6/13/97:

Both classes of warrants made the Wall Street Journal's Largest % Decreases box this morning.

There were only 7,546 Class A warrants still short, a 97.4% drop from the month ending 5/15/97.

Short interest in the Class B warrants dropped 88.3% to 43,760 shares in the same period.

There were still 1,966,579 shares of the common sold short, down 44.6% from the month before. I imagine the drop there largely reflects the unwinding of the arbitrage that was available on 5/9 and 5/12.

The remaining short interest may more accurately represent pure "bear" bets, although the figure may still be inflated by sales made to "short against the box" in order to defer the realization of capital gains. If the current short interest does indeed represent pure bear bets, that is an awful lot to cover with the stock trading less than 250,000 shares in 10 of the last 14 sessions.
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