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To: Michael Young who wrote (71608)8/3/1999 5:16:00 PM
From: Jan Crawley  Read Replies (2) | Respond to of 164684
 
Much of the short interest is due to the hedging from the convertible bondholders.

Well, let's think a little:

SI was around 11M shares in 5/99, I would say most of the bondholders should have hedged themselves in April, above $156. They had lots of oppts to hedge from 220 to 156.

Current SI is 15+M shares, so many were shorting at much lower levels.