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

To: Robert Cohen who wrote (15309)	10/20/1999 5:28:00 PM
From: MGV	Respond to of 27311

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To: Robert Cohen who wrote (15309)	10/20/1999 6:54:00 PM
From: kolo55	Respond to of 27311

Market maker JPMS has been selling for someone. JPMS first showed up about two weeks ago, and has been the predominant seller since October 11th (well over 50% of the total shares sold). JPMS hasn't traded many VLNC shares in the past, so it was difficult to read their intentions at first. For the list of market makers, and the last two month's volume for each, see this site: nasdaqtrader.com Type VLNC in the box labeled Issue, hit the View button, and you can see the volumes for all the market makers. we believe CC uses INCA, REDI, and SLKC. The buyers use HRZG, MASH, and PRUS, and big shorts are active at NITE and SHWD. Up to October, the most JPMS sold was about 75k in a month. I estimate that JPMS has sold between 400k-500k shares in the last two weeks. They are usually the only market maker sitting on the ask, and up until recently showed 5-10k on the ask most of the time most days. From all of this, I suspect JPMS is selling shares for the financier who took the recent financings. The August financing was at 4.35 (including the monies that went to the broker who lined up the deal), and the September financing at 4.60. If about 6-8% of the funds went to the broker, then the cost of the shares to the financier was 4.60-4.70 for August, and about 4.87-4.97 for September. JPMS started selling a lot of shares above 5 1/4 when they started, but lately has moved their ask down to as low as 4 5/8. They have sold down to about 4 5/8, but don't seem to have dropped below this yet. If they are trying to sell to make room for the October financing, then they should finish up before Friday. Paul

To: Robert Cohen who wrote (15309)	10/20/1999 7:24:00 PM
From: kolo55	Read Replies (3) \| Respond to of 27311

Whatever happened to CC? Well, we haven't seen as much selling from the selling coalition for the last ten trading days... it appears that they have been stripped of as many shares as they want to give up chasing a lower conversion price. The numbers don't support such a dubious enterprise anyway... they simply aren't earning sufficient shares to keep up a selling attack on their own. It been almost nine weeks now since the negotiations with Valence fell through, and the price first fell below 5. In that time, they sold a ton of shares, probably well over a million shares, and have earned almost no incremental shares since the end of August. I think the death spiral is dead... now we need to deal with the selling from the interim financier. It is strange that the selling coalition isn't piggybacking on the selling by JPMS. But they see the buying support at slightly above 4 1/2, they pounded their heads against that level several times before. And the JPMS seller has pretty well signalled that they won't sell lower at this time. Although this is getting pretty tiresome, we are moving into the end game. I expect CC will finish converting within the next two weeks. This is my analysis and opinion, and can be ignored by anyone as they see fit. Paul