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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Candle stick who wrote (3149)2/18/1998 10:38:00 AM
From: Roger A. Babb  Read Replies (2) of 18691
 
CS, there was a 172 million covertible on CYMI last August which is probably what started its decline from the upper $40's. Look at the 8k filed in August 1997. The news release claimed the convertible to have a fixed conversion price of $94, but if you read the 8k you will see many loopholes that allow conversion at market price making it a floorless. The large short position is normal for stocks with an outstanding convertible, it is their hedge.
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