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Technology Stocks : INSS - International Network Services
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To: Sardar Q. Imam who wrote (60)2/24/1997 1:31:00 PM
From: Steve Gray   of 446
 
Maybe this is overly simplistic, but my opinion:

1) Morgan is the original underwriter, obviously a market maker and the one who permitted an extra million shares of a thinly traded issue to come to market early.

2) Morgan had to say the 50% upside business to justify its permission to add an additional million shares of float early (prior to expiration of the lock-up period).

3) Morgan, and the other market makers, are still killing everybody looking for liquidity and gaffing everyone who wants to buy. Take a look at Lombard and the intraday trading. Ever try to sell INSS at the bid or buy at the ask? You just can't do it!

4) If Morgan truly believed there was 50% upside, it would be taking stock in at these levels, supporting the stock through a rise and would sell when it got above 30. I don't see it happening.
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