Alan,
No where does Fidelity show up as a Market Maker on this stock. I think that Craig might have been referring to NFSC, National Financial Services Corp. They are, as I understand, a subsidiary of Fidelity and clear for many small, independent firms. Whether they actually clear for Fidelity is open to speculation, but I have been told that it is unlikely.
As for the placement, No one is sure of the exact dealings yet. Yes, it is by Scwhartz & Co. out of Atlanta, the same company that did the Reg. S. Yes, it oversubscribed. But by whom, and by how much is still unknown, quite possibly still by the company as well.
As far as shorting to keep the stock down. Unlikely. There will be an effort to keep the stock down until the placement is complete. It makes sense. Place money institutionally. What do they get out it? 5% is not much these days. The pudding is the two years it takes to convert. They as well as many of us, are betting that the stock will not be in this area much longer. It is beneficial to keep the stock down here to entice the institutions.
<Mr. Twister> |
