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Technology Stocks : Ciena (CIEN)

CIEN 268.49

+6.6%

Feb 2 4:00 PM EST

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To: Jim Rathmann who wrote (479)	7/2/1997 12:40:00 PM
From: Sam Citron	of 12623

<<My guess is that a lot of the short interest is insiders liquidating a little ahead of the curve who will use their locked up shares to cover>> I don't think it is legal for insiders to sell short at any time. I believe they may use put options, however. Perhaps some insiders may try to fudge it by getting a nominee such as a brother in law to sell short in the nominee's name and then have a private agreement with such nominee as to the arrangement. This is probably illegal as well, but may be so difficult to enforce that SEC may not bother with it. The 2 million short interest is quite small compared to the expected dilution, so I don't think this particular game is being widely played.

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