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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (10318)	7/1/1999 12:10:00 AM
From: Peter Yang	Read Replies (1) \| Respond to of 30916

>> What I found so amusing was that it occurred with such a light short interest.<< Well, 98% of the outstanding is already tendered. There's not much float left. Therefore it made a sure thing (short) become a nightmare! That is what you call PLAY WITH FIRE!

To: Mama Bear who wrote (10318)	7/1/1999 12:15:00 AM
From: Hawaii60	Read Replies (1) \| Respond to of 30916

This is as good an explanation as any: 98% of the stock is now tendered and out of the float. Many arbs short this type of offering hoping to profit when the stock drops after the tender, ala Samsonite (SAMC) some time ago. Why you would short a stock that was 98% tendered, Ill never know. At 3:00 PM, the margin departments around the Street start to make the margin calls to the shorts demanding the stock, but guess what, The short interwest obviously increased due to arbs. Also, as I'm sure you know the mm's themselves are short a decent percentage at any given time. Not to mention outstanding short positions with corresponding puts etc. None of this would have been visible in the June figures.