Applied Magnetics Corp Message Board

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Technology Stocks : Applied Magnetics Corp

APM 1.160

-2.5%

10:44 AM EST

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To: Bosco who wrote (10452)	11/24/1997 8:11:00 AM
From: klaus pluszynski	Read Replies (1) of 12298

Bosco, I've been looking into this debenture issue, and would appreciate your comments: Based on edgar at edgar-online.com the no. of shares resulting from conversion of the debentures is around 5.3 mil. That's about half of the current open short interest. Even if those shares are not counted, APM would still make it into bigchart's top ten with more than 20% open short interest ratio ! But even those 5.3 mil. shorted debenture shares (if they exist) would have to be covered ultimately. As long as APM trades above the conversion price of $18.60, it's cheaper to convert the debentures to cover the short position. If APM trades below $18.60, they would be covered in the open market. Conclusion: These debenture shares may not fuel a short squeeze rally but they will help putting a floor under APM's price at current level. Or am I missing something? Klaus

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