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To: cicak who wrote (31790)6/28/1999 1:58:00 AM
From: Ellen  Respond to of 44908
 
Conceptually, the SEC takes the position that the shares which were later delivered to cover the short had to have been in existence and freely tradable when the short was created because that is the time they were "sold" publicly."

We know the shares for at least part of the PP have been registered and that the registration has been deemed in effect. So those shares "exist." What isn't clear (?) is if those shares are restricted or freely tradeable.

Anybody...?


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