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Technology Stocks : NewCom (NWCM)
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To: Cool Hand Luke who wrote (505)6/22/1998 10:55:00 PM
From: David Peterson  Read Replies (1) of 662
 
Coolhand,
this was on Yahoo message 105, It is supposedly quoted from Aura's 10k of October 97. Aura issued $15millionof convertible debentures to a group of investors in a private placement. The debentures , as modified, are secured by a Note from NewCom to Aura in the principal amount of $17million and 1.25 million shares of NewCom. It is becoming apparent that the one million shares short will be covered from the original 1.25 million and thus the float on NWCM will increase about 50%. In all likelihood, it is the Aura noteholder that is shorting NWCM. When the noteholder needs to cover the short in NWCM there will not be any buying in the open market to cover the short. The noteholder delivers shares he received from Aura. Without any buying in the market how can the stock go back up? I'm long on this stock, was aware of the short squeeze and good EPS that came out but was unaware of this info! Gonna research this futher!
Dave
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