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Gold/Mining/Energy : Crystallex (KRY)
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To: viper who wrote (6004)3/4/1998 12:40:00 PM
From: flightlessbird  Read Replies (2) of 10836
 
Viper and shorts: Do some further research on Asensio and you will find that he is simply protecting his position. He has nothing to lose here and everything to gain. Look at his track record on Biovail. Report issued on September 13, 1997 said: "We see no reason to buy or hold Biovail shares at over a tax-adjusted
48 times LTM EPS. We believe that Biovail shares will soon trade
below $12 per share." At the time the stock was trading at $30. It now trades 6 months later at $42. This of course after scathing attacks in September of 1996 and 1997. Looks like Mr. Asensio lost buckets on Biovail for his clients by shorting. Add to that pinch that he probably began his shorting of KRY back then and would now be in a MAJOR hole with his clients. He can conveniently escape recourse because of his disclaimer at the end of his recommendation (sad, ain't it). So, being short and seeing the writing on the wall, worse case scenario is he's wrong and can cover at a lower price (which I am sure he is eagerly doing today). This is BIG money we are talking about here. I am sure he is not short with his clients' money just a thousand shares or two. This tactic is a sign of desperation. His timing is well-orchestrated because he had better cover NOW or risk financial ruin. I won't address the Asensio report again because it is so transparent that it defies description. Have at it Viper. No one listens to you anyway.
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