Bill Wexler's Profits of DOOM Message Board

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Strategies & Market Trends : Bill Wexler's Profits of DOOM

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To: BDR who wrote (3891)	12/1/1998 12:08:00 PM
From: gringodoc	Read Replies (1) of 4634

"We are sending you this e-mail with respect to your short position of DTLN. In order to avoid the possibility of being bought in, you are now required to either deliver the shares to Datek Online or cover the position yourself. If neither action is taken, and your buy-in becomes due, your short may be bought in. Your buy-in can become due anytime between now and 12:00PM, Wednesday, December 2, 1998. . If you have any questions, please call us immediately at 1-888-GO-DATEK." Dale: I was a bit surprised by the content in the above statement. It was my understanding that a "buy in" transaction actually differs from a "buy to cover" transaction in that "buy in" shares are delivered immediately to the broker. I had been told that if I "buy to cover" when getting the heads-up call from the broker, the brokerage could still "buy me in" if they need the shares urgently, thus leaving me net long in the position. BTW, I have had a large short portfolio with Fidelity for nearly 3 years. I get regularly calls regarding possibility of a buy-in. I finally had my first buy-in ever last week: 200 shares of a 1500 share short position in GUMM. Buena suerte, Gringo

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