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Technology Stocks : Cymer (CYMI)
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To: Short A. Few who wrote (20381)12/12/1998 12:24:00 PM
From: Zeev Hed  Read Replies (1) of 25960
 
Short a few: CYMI's management did a fantastic job in mid 1997 issuing these convertible. They raised $172.5 MM in notes convertible at $47/share. These are subordinated to all present and future debt. The holders of this note may have been shorting the stock during the 10 MM shares frenzy in mid 1997 keeping themselves fully hedged and collecting interest without having any money at all at risk. If since then they have decided to cover some of these short positions, they are reassuming markets risk, these people typically will just collect the interest and repeat the same transaction with the funds released in another stock. I doubt that this issue has any market impact about a year and a half after its issuance.

Zeev
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