Shorting stocks: Broken stocks - Analysis Message Board

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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis

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To: Dale Baker who wrote (781)	12/9/1997 10:51:00 AM
From: Q.	Read Replies (2) of 2506

Dale, re. <<BBTK is perilously close to sinking beneath 5>> That was yesterday. This morning it snk to 3.75. This puppy is broken in a very serious way, now. My limit order to cover executed at 4.25 before I even saw what was going on. re. valuation: I'm not sure if there is a reasonable lower limit to cover this thing. They do have $13 per share in cash, although that is offset by LT debt, and the book value is negative. Anyway, this was the perfect broken stock for year-end tax-loss selling: an RS of about 1, small market cap, negligible institutional ownership, negative earnings & cashflow, nothing but bad news on the wires. If anybody is still short BBTK, they might want to read the 424B3 prospectus filed 12/1/97 to see how things are. I won't, since I'm no longer short and the stock is below $5.

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