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Strategies & Market Trends : Roger's 1997 Short Picks
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To: NYBellBoy who wrote (8475)12/17/1997 1:58:00 AM
From: BDR  Read Replies (2) of 9285
 
<<IMHO, you don't have an IPO in july and repurchase stock starting in december
with no products on the market. >>

I thought this was a brilliant move by the Board. Sell 2.5+ million shares at 30 on July 25 then close out your position four and a half months later when the stock is in the low 20's, putting the net from the short sale in your company's treasury. Only thing is (oops!) they shorted their own company's stock.

To what uses were the proceeds of the July offering supposed to go? Those investors in the secondary might have some questions for the company.
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