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Strategies & Market Trends : Roger's 1998 Short Picks
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To: TATRADER who wrote (1150)1/21/1998 9:20:00 PM
From: DLS  Read Replies (1) of 18691
 
KEG

I can't figure out the potential effects of the convertibles that are about to happen. It seems that $19.5 is important, however I also noted that if the price is less than about $14- then additional shares could have to be issued. Man this is complicated but seems like a good short to me.

Well for what it is worth, I am generally wary of outfits that grow strictly thru acquisitions and these guys had about 40 of them in like 6 quarters. I just think it is an easy way for an owner to reach his level of incompetence. One of the last was the acquisition of a division of a company owned by one of the directors. I am pretty sure this would have been one of the few times they purchased a company without using stock (if this is true, then I would find this to be intriguing). Also they had started with some convoluted ownership involving offshore LPs (which I think is interesting). They also have an office in Key Biscayne which is not exactly one of the oil meccas of the world but I suppose it ties in well with their Argentine connection.

As you know, I am sure, they purchased over 400,000 shares of their own stock in December for $10,000,000 which represented the entire amount they had allocated for this. The stock then continued to fall thru the floor before rebounding recently.

I may be in Key Biscayne next week. Maybe I'll swing by and see how swanky their office is just for fun.

I make it a point to read your posts. I find that you are one of the more knowledgeable folks around SI. I hope you can find some shred of useful information in my rambling. I would appreciate if you could help me out with an opinion on ENML. I did well shorting it before.

DLS
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