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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Gator II who wrote (3183)7/9/1998 3:45:00 PM
From: Ditchdigger  Read Replies (1) of 5504
 
Another example from that document
" GFL Ultra Fund Ltd.'s trading in the securities of Zitel Corporation
("Zitel") is an example of how the strategy operated. The Fund purchased
300,000 Regulation S shares from Zitel on December 12, 1994 at a discount
of approximately 15% to the freely tradeable share price. The Fund
partially hedged these Regulation S shares by selling short 279,800 shares
in five brokerage accounts between November 14, 1994, and January 19, 1995,
in connection with this purchase of Regulation S shares. The Fund locked
in a profit (the differential between the price at which the 279,800 shares
were sold short net of commissions and the price at which the 279,800
Regulation S shares were purchased) of $816,430.75.<(5)> By February
7, 1995, the Fund had distributed all of its Zitel Regulation S shares into
the United States markets and had closed out all of its Zitel short
positions with purchases in the open market."
DD
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