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Strategies & Market Trends : Roger's 1998 Short Picks
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To: chester lee who wrote (14345)10/4/1998 1:26:00 PM
From: Roger A. Babb  Read Replies (1) of 18691
 
Chester, The "defenders" of REFR on the SI thread are getting a bit testy, another sign of a good short. You are correct that "equity lines" do not death spiral as quickly as floorless convertibles because the "investors" don't have the same incentive to crash the stock. The end effect is often the same, but the equity line spiral takes longer and is better managed, the objective being to sell the additional stock at the highest possible price.

But anytime you have a stream of new shares entering the market for a company with negative earnings, the outcome is clear. Same effect as if a large stock holder is dumping shares.
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