September 27 , 1996
OCC announces increase in short interest in "OCCF" stock
Optical Cable Corporation (NASDAQ:OCCF) announced today that short interest in "OCCF" stock has increased to 755,318 shares from
725,889 shares total last month. "This accounts for 28.5% of all registered shares outstanding in the float at the present time. When people sell the
shares short, they are gambling that long term shareholders will sooner or later be willing to sell shares at a lower price to them. They are generally in
as short term players and can only win if we let them. We shall do everything in our power to set up a battle front against this type of activity," said
Robert Kopstein.
Optical Cable Corporation or Robert Kopstein do not have any interest in putting additional shares out in the float under the present circumstances of
755,318 shares of short interest out of 2,676,856 registered shares in the float. We shall continue to make it a high visibility issue and not support the
"short interest" players in any way. Shares in a persons' margin account can be used by "short sellers" and at many discount brokers the fine print on
your agreement says they even have the right to use your shares in a "cash account". Request from them a signed statement that your shares are not
being utilized or made available for "short interest" players. If they can not send you this type of signed statement, you may wish to move your account
to a more reputable broker.
Also, remember that some of the key rules or laws that govern "short interest" activity do not apply to market-makers. Market- makers can sell as
many shares as they wish even if they do not own them. They can build a large "short interest" position. They can sell shares "short" at any upward
price movement in a stock by lowering the "bid", drying up sellers, and then selling shares they do not own. They can even lower the "ask" price
during buying activity to scare off new buyers, and then continue to lower the "ask" price while buyers sit on the sidelines.
Guess what? Optical Cable Corporation has this kind of activity taking place by some of their key market-makers. How can a market- maker carry
out a neutral and unbiased position when they have millions of dollars at stake betting that the share price is going down. It is a shame that a few bad
apples can spoil the whole barrel. When you place the fox in the position of guarding the hen house and the fox's brother has the role as a guard dog,
guess who gets fat!!!!!!! When you find out that the sheepdog guarding the sheep from the wolf is really the wolf's cousin in disguise, guess what
happens to the sheep!!!!!!! This type of activity is only possible on NASDAQ, and can not happen with the system at the NYSE.
"As the President of the Company, I am asking the shareholders from this notice to call, write, or E-Mail me personally their position: Do you wish
to stay on NASDAQ or move to the NYSE? Also, if you wish to go to the NYSE, call Mr. Tom Moore at 212-656-4105; if you wish to stay on
NASDAQ, call Angela Faranda at 212-709-2407. We shall tabulate your responses and put out another press release on the issue one week from
today," said Robert Kopstein. |
