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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: John Curtis who wrote (13831)	8/19/1999 1:47:00 PM
From: Larry Brubaker	Read Replies (2) \| Respond to of 27311

John, Castle Creek can no longer short with impunity, since the price is well below the $6 ceiling for the conversion. Any shorting by Castle Creek above the $6 ceiling entails no risk on Castle Creek's part because the most they would have to pay to cover is the $6 ceiling. Any shorting by Castle Creek below the ceiling entails risk, because they may have to cover at a higher price (up to $6). Therefore, if they are shorting now, they must think the price is going lower, and they can eventually cover (or convert) at a lower price than they are currently shorting at. Personally, I think it is pretty ominous that we are seeing all of these big blocks going at the bid. Regardless of who is resonsible. IMHO.