Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (11452)	7/13/1998 9:17:00 PM
From: JGarly	Read Replies (2) of 18691

Roger as a 'lurker' on this thread for some time I am taking advantage of SI offering trial membership to add something to the debate. I see that you are fond of shorting manias and dilution stories. One of todays runners FVHI would seem to fit both categories. This has been touted by a couple of newsletters/ web sites recently and ran on news of a proposed acquisition today, propelled further by briefing.com and CNBC. Much speculation in daytrading chat rooms centered on its small float and the possibility of a short squeeze a la KTEL developing. Market Guide states that the float is 1.2 million shares out of a total 10.89 million shares. Recent SEC filings make interesting reading. On june 26 an 8k was filed detailing the issuance of stock on conversion of preferred stock + a debt to equity swap + a purchase of stock by Softbank (for under $1). In aggregate the number of shares outstanding swelled to almost 31 million, the float is now approx 10 million shares. Shareholder equity is no more than $7 million dollars (after accounting for conversions and warrant exercises). The revenue and earnings figures for last quarter were a pitiful $281k and -$3.5 million respectively. I shorted today at $7 and am looking to fade any strength tomorrow. If anyone can see a flaw in this stock as a short candidate please let me know! Jon G

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