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Biotech / Medical : Techniclone (TCLN)
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To: Jim Baker who wrote (1124)1/22/1998 2:50:00 PM
From: EZLibra  Read Replies (4) of 3702
 
'Once more into the breach...'

JB, I've already explained in post #1062 how the situation you conjecture is impossible. The amount that can be converted every day is too limited. But let's pretend they have shorted ten million shares at a dollar. News breaks (a wild card is played) and TCLN runs up to five dollars a share. Suddenly the twelve million shares the S-3 members could have converted into at one dollar become only two million shares at five dollars. How are they going to cover the other eight million shares they shorted? That's a short squeeze.

Ask yourself what percentage of the 12 million worth of S-3 holdings is participating in the short selling. A third? A half? How much has been shorted, converted, or sold? A million? The breakeven threshold for the S-3 is probably not that far off.
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