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Microcap & Penny Stocks : OILEX (OLEX)
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To: Richard L. Williams who wrote (2909)3/7/1998 6:41:00 PM
From: Steve  Read Replies (2) of 4276
 
>>As far as the debentures being purchased and not converted, ... to what do you attribute Oilex' steep decline in stock price in the past weeks, if not due to debenture conversion and sales?

The price of the debenture conversion is known to MMs. Successive shorting makes sense since the dates of option activation and share volume can be bloated by illegal shorting. The MM action gives the illusion of debenture conversion and could shake shares loose as well. Since the share price has recovered on Friday, it recovered because Chappel was in the market, we might expect to see another walk down if the MMs have debenture conversion cover to do so. Caye Chappel has only committed to a total 16% interest in Oilex or 560,000 shares. The other volume must be illegal trading by MMs and other shares being shaken loose.
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