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Strategies & Market Trends : Short Candidates

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To: Jon Khymn who wrote (9)	7/12/2003 10:52:40 AM
From: perspicar	Read Replies (1) of 11

I'd think twice before shorting MTLM. 1) Two 13Ds filed on June 9th by European Metal Recycling Ltd. (14.8%) and T. Benjamin Jennings (8.3% and former CEO) imply a buyout because they show a loan of $10m from European Metal Recycling to Jennings so he could buy his 8.3% of MTLM stock. It looks like European Metal Recycling will buy MTLM and have Jennings run it for them. 2) June 29th was the two year anniversary of MTLM's emergence from bankruptcy, which marks the date that their NOLs of $112m become fixed and useable. I suspect that European Metal Recycling Ltd. wants to get their hands on the NOLs. 3) There are warrants (MTLMW) that strike at $21.92 per share. These currently trade at $4.43 implying a $26.35 per share buyout price. For disclosure, I'm long MTLM for the above reasons.

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