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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: Intrepid1 who wrote (457)10/30/1998 8:38:00 AM
From: hcm1943  Read Replies (1) of 520
 
What Carl is describing is the way many short sellers continue to hammer a stock and attempt to stay within the rules, However in the case of IEL and some of the other companies that have been subjected to these floorless converts, it is hard to conceive that the shorts are being established legaly owing to the magnitude of the sales and the limitations on the number of shares that can be converted at one time. I have been told by the company that no more than 4.9% can be converted at one time. Saying that, they also originally told me that a floorless convert didn't exist.
It is a shame we have to be discussing these matters rather than enjoying the fruits of our investment that has been destroyed by POS and CO.
Some companies have snatched victory from the floorless converts by buying them out. (NPRO & IFSC)
In the case of our anemic balance sheet that would be near impossible without a white knight.
I spoke with David Lamm yesterday about the possibility of requesting an investigation, into the trading pattern of IEL and the likelyhood of illegal shorts, by the SEC and/or NASD. MY guess is that without POSs ok they won't do it so it becomes the job of shareholders and next week I will make such a request and also request an investigation into weather or not POS and Co including Harrahs had anything to do with the convert and could be profiting through the dilution if they are working with the convert investors.

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