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Technology Stocks : RGFX Raster Graphics

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To: Jeff Lawlor who wrote (150)	8/7/1997 9:48:00 AM
From: Sam Citron	of 593

<<I believe that for some time this stock has been manipulated by the MM's.>> I think most of these "manipulation" theories are a bit facile, don't you? If it were that simple, we could simply tell the SEC about it and have them prosecute, since manipulation of stock prices is a federal crime under the Securities Exchange Act of 1934 and subsequent case law. <<There have been large spreads for quite some time on RGFX. As investors, we are being held "hostage" by the MM's.>> Yes, the problem is the system that permits these 5-7% spreads by shutting us out. If it's 6.75/7.25 and we are willing to buy at 7, there is simply no mechanism for our bid to appear. Any MM wanting to do the trade at seven catches hell from his peers for "undermining the spread". It is truly the system that is corrupt here. My answer is to use SI for "bulletin board trading" and avoid the bastards (pardon my French!). It may take about a month to effect the name change on the certificate, but it is otherwise a "frictionless mechanism". I wouldn't recommend it for daytrading, but for long-term investors, it might be worthwhile. SC

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