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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Mike Roberts who wrote (17562)2/25/1999 9:20:00 PM
From: Fred Puppet   of 18691
 
Mike, the NASDAQ delisting was a windfall, but ICCSA is still a great short. The current ratio is < 1. They need cash to survive, and the only way to get it is to go ahead with their floorless which hasn't been issued yet. However, without the NASDAQ listing, the investors who were going to buy the preferred convertible may change their mind, in which case the company dies immediately. Worst case for the shorts is that the company goes ahead and issues the floorless. That will allow them to survive for a while, but will kill the stock price.
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