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Non-Tech : Cityscape Financial (CTYS)
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To: Shane Stump who wrote (981)10/16/1997 3:00:00 PM
From: Rational   of 2544
 
Shane,

The material information in the latest SEC filing (Oct 15) -- that the big institutions would sell MOST, if not ALL, of their common stock -- was obviously KNOWN to CTYS on Sept 29 where they made a filing for registering shares for conversion. This is because the same CTYS price of $9.88 is mentioned in both the filings. This is a CHEATING, if not a source of another suit because CTYS had material information on Sept 29 that they did not disclose until Oct 15. If I had that information on Sept 29, I would have sold all my stock then for much less loss.

BTW, these institutions are NOW offering for sale 5.7 mil shares of a total of 6.7 mil they have outstanding (including the conversion stocks) as per the latest SEC filing. These must be approximately the quantity of common stock to be obtained from conversion. This shows that most of the common stock these institutions had as of Sept 29 (9.2 mil including 3.4 mil from conversion) have been already sold after Sept 29, if not before via short-selling.

The institutions must have taken other CTYS shareholders (including perhaps insiders) for a free-fall. But, then why did CTYS not disclose the institutions' intent to sell most of their common stock holdings in their Sept 29 filing? Was CTYS forced by these institutions? I am not sure. But, I made an error in my rational inference because (I now feel) material information was suppressed from the SEC filing of Sept 29.

Sankar

I welcome your comments.
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