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

To: kolo55 who wrote (15414)	10/24/1999 8:08:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 27311

<<Your theories are collapsing, and will suffer another blow when CC converts the remaining floorless... Are you willing to say that they won't convert in the next two weeks?>> Paul, the difference between you and I is that I have no vested interest in whether my theory collapses or not. I am constantly re-evaluating my appraisal of VLNC as a potential investment. Almost 1 year ago, I sold at $7.75 when I did not like what I heard during the November conference call. At the time, we were maybe a month or so beyond the "on the cusp" PR, and the November conference call convinced me the real cusp was some time away (which you guys could not accept). If the death spiral/leaky floorless scenario collapses, I will have no problem acknowledging it. I might even buy some shares if and when this happens. If I'm lucky, I might even get them below the $7.75 price that I sold for close to a year ago. So no, Paul, I make no predictions as to whether Castle Creek will convert shares or not in the next 2 weeks. For the sake of the long-suffering investors in this company, I hope they do.

To: kolo55 who wrote (15414)	10/24/1999 8:31:00 PM
From: MGV	Respond to of 27311

Message 11690123 Do any of you understand the issue or have the conviction to respond? klemencic? mooter775?

To: kolo55 who wrote (15414)	10/24/1999 8:52:00 PM
From: Harold Hertzfeld	Read Replies (1) \| Respond to of 27311

You wrote CC " shorted so much against the series A and remaining series B, that they couldn't find any more shares to short.. so they had to convert to finish hedging pref B." I can understand that CC may have been notified that they could not short additional shares of stock to hedge the remaining pref b holdings. There are hopefully no (?) shares that can be borrowed by their investment house to make additional shorting possible. But to convert the shares to finish hedging pref B would mean what? How do you "finish hedging" the remaining shares unless you sell them short (again, using borrowed shares)? It may be that by closing out existing short positions --by delivering their long common shares from the A conversion-- that they would then make more shares available for hedging their remaining pref B stock. Putting on a new hedge will put additional selling pressure on the share price. What if CC was willing to stay long with the remaining shares with intention or selling them into strength after an announcement of a PO? I recall an earlier post that mentioned that all daily selling limits are off for CC when the VLNC stock is above $ 12.