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Strategies & Market Trends : From the Trading Desk

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To: Ira Player who wrote (2897)	4/21/1998 7:38:00 AM
From: steve goldman	Read Replies (1) of 4969

I'll make a call this am when I get a few moments. I call Pershing's short department and ask about it. I agree with IRA in that all of the shareholders of the 80000 shares all believe they are long stock and valid and entitled shareholders to dividends and voting rights. Clearly we are not arguing that the person borrowing the shares has any right to vote or receive dividend, but the person who hypothecated the shares to borrow against and did or didnot borrow against them, and the person who received the buy side, the long side of the short seller, are both long. Interesting.... I'll see what I can find. Regards, Steve@yamner.com

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