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Technology Stocks : Zitel - Inept management or deliberate fraud?
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To: sheldon spivak who wrote (65)12/3/1998 3:37:00 PM
From: Bill Wexler  Read Replies (1) of 67
 
I shorted a whole bunch more when the "merger" hype sent the stock bouncing around in the high single digits.

I am now completely out of Zitel. My average cover price was around 3 and change. Not that I don't think the Zit isn't still headed for oblivion...but the enormous short position is obviously providing this looooooooonnnnnnnngggggggg floating cushion.

I don't think I ever seen a more obvious (and more absurd) short in my life. I still can't believe I was fortunate enough to start my initial position in the 50s!!!!!!
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