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Technology Stocks : Advanced Engine Technologies (AENG)
AENG 0.00010000.0%Mar 7 3:00 PM EST
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To: Sir Auric Goldfinger who wrote (579)6/8/1998 2:59:00 PM
From: Batman  Read Replies (2) of 3383
 
I just talked with a broker who said deliveries of stock to buyers from sellers are starting to come in as failed deliveries. He told me that means that the firms that sold the stock did it short and can't come up with the certificates to give to the buyers. If they can't get the shares to the buyers then the buyers can go into the market and just buy the shares at the market price. He also said some large firms were calling around to see if they could borrow stock from firms that have it in street name. I read where that was illegal, so why would they do that. If the SEC is watching they should check to see if any companies are loaning this stock. The broker said things will be getting interesting by the end of the week and could last for a while. Is this the short squeeze everybody talks about? Can the shares be bought to get the certificates at any price? Who sells these shares if the other firms can't get them? Who really knows what all this means? The person I talked with said it could be a very bad day for anyone short if this happens. I'm not fully understanding this short selling and delivering certificates. Can someone help with all this in simple terms?
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