Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Zeev Hed who wrote (239)	1/27/1999 9:30:00 AM
From: Greg Burton	Read Replies (1) of 1438

Zeev: A question concerning a new twist on a floorless, Vitafort corporation (VRFT) This turkey was driven down from several dollars to as low as $0.09 by convertible bandits when the convertibles were redeemed by a white knight and the stock has since rebounded to the $0.30 - $0.40 level. VRFT has a small float about 7MM and much of that is held by the white knight and others believed to be holding tight. Rumors have been accelerating that purchasers of stock on this rebound have not, repeat not, been able to obtain delivery on hundreds of thousands of shares for as long as 90 days. Assume the bandits gave up all of their stock when they relinquished their converts and they are now literally having trouble finding shares, how long can they keep the ball in the air before the brokerage house itself has to go into the market to cover? Is there any net resource to determine short interest, this is only a bulletin board stock? What would happen if owners of hundreds of thousands of shares were to simultaneously demand physical delivery of their certificates? I would appreciate any thoughts you have time to share. By the way, please assume the facts as I have outlined them. Greg

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