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Technology Stocks : Research Frontiers (REFR)
REFR 1.600-8.5%Nov 6 3:59 PM EST

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To: R. M. Rosenthal who wrote (888)10/3/1998 8:10:00 PM
From: Alastair McIntosh  Read Replies (1) of 50068
 
R. M. Rosenthal

Ailouros does not have to short ahead of time to take advantage of the discount. They acquired cheap shares in a private placement in 1996. If they maintain a position they sell from their inventory ahead of time and replace with the discounted stock. An immediate 8% risk free gain. No need to short.

Al
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