Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Bald Man from Mars who wrote (8117)	5/1/1998 1:26:00 PM
From: gregor	Read Replies (1) of 18691

Man from Mars : As I have posted here previously PTVL is my #1 short candidate. This morning they announced the public offering price for an additional 3 million shares of stock, and have fixed the price of the offering at $28.50. Is my reasoning sound ? Assuming it will take several weeks to fill the offering there is nothing stopping the stock from trading lower except the efforts of the underwriters; but the upside loss on a short position is zero until the offering is complete. 1/2 of the shares are being provided by individual shareholders; is this not a sham. ( insiders selling 1.5 million shares-- that would make for pretty good headlines ) If the offering is ill received then the stock should plummet and if it is successful then the dilutive effect of the additional shares will knock the price down. Is this a 'lock' or what ?

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