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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)
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To: Hawkmoon who wrote (9219)1/22/1998 12:39:00 AM
From: Karl Drobnic  Read Replies (1) of 31646
 
I suspect the 6% PFD being converted is that issued to ProBridge Futures just prior to the Y2K announcement last summer. I heard that ProBridge was "out of" their position months ago, but kept seeing the PFD on Topro's reports. I therefore suspect that the PFD was used to short the common, and that what we are seeing now is the unwinding of the short position, howsoever it was put on. Perhaps the PFD was loaned to a short seller, who used it to hedge multiple short sales of the common these many months. If I'm right, this is a good sign. It would mean someone is giving up shorting the common in advance of the meeting. It would also explain the heavy paper that Tim keeps reporting.
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