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Technology Stocks : JMAR Technologies(JMAR)
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To: MRothaus1 who wrote (7860)4/28/1999 8:56:00 AM
From: Sprocket  Read Replies (1) of 9695
 
In your example, your shares would only be "lendable" by Merrill Lynch if you had signed a margin agreement with ML and were in fact borrowing cash from them and using those securities as collateral. If the shares were held in a fully paid for cash account, ML cannot lend those shares to short sellers. They are restricted from doing so according to SEC "seg" lockup requirements. However, there is nothing to prevent them for locating an external source of borrowing to cover the short sale - the shares do not have to come from within ML. Also, shares do not have to come "out of" street name in order to satisfy a short sale/borrow cover.

Ron
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