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Strategies & Market Trends : Action & Options- Taxikid plays

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To: BamaReb who wrote (4251)	10/6/1998 12:42:00 AM
From: Druss	Read Replies (2) of 4339

Bama--This seems to verify what the guy is claiming in the first part of his statement. <<The Company also announced that it has paid for 14,690,500 shares of its stock to date under its previously announced repurchase authorization. The Company suspended the buyback program as of August 31 due to the failure of its brokers in making delivery of a significant portion of the shares already paid for. The Company is dependent upon these brokers to deliver these shares and believes that brokers should be conducting buy-ins on failed trades pursuant to the NASD's Uniform Practice Code Rule 11810. The Company may resume such repurchases in the future.>> I am left with a number of questions though as to why if there is a three week delivery period the shares were not delivered. These shares had to be purchased mostly prior to August 31 and perhaps much earlier. This is a very curious state of affairs when the company is saying it cannot get purchases of its own stock delivered. And further why suspend the buy back because they are not being delivered. Seems easy enough to turn to another broker or set of brokers and use them. This is a new one on me. If there is a looming squeeze it certainly hasn't terrified the shorts so far. I would run this one by Taxi (maybe in a PM or on the thread, regardless let me know what he says, I have been known to play long too.) I am not up on the various laws of the market so I don't know what Uniform Practice Code Rule 11810 says exactly. You could be right a pop up may be in the works. All the Best Druss

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