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

To: Harold Hertzfeld who wrote (15418)	10/24/1999 9:26:00 PM
From: kolo55	Respond to of 27311

Have you read this post (#15401)? Message 11687044 If CC has been selling the last two weeks using the JPMS market maker, then they are almost out of shares. For all we know, they began converting the series A a week ago, and have already been selling shares over the last week. The press release simply says: "The total dollar amount converted through October 21, 1999 was approximately $8.05 million converted into 1,334,764 shares of Valence common stock." We really don't know the timing on the series A conversion, just when it was completed. If the recent selling by JPMS wasn't CC, then they still have likely shorted about 200-400k shares against the million they have left if the series B converts at the current conversion price. But if JPMS selling over the last two weeks was CC, then they likely have shorted/sold over 800k shares against the million they have left on the series B. They only will have about 200k left to sell. That's my bet. But suppose that CC wants to hold what few shares they have left and wait for a PO... then we still would likely see a conversion before the conversion price ticks up too much. In any case, I don't see CC attacking the stock they way they have done to this point. They can't seem to drive the price below 4.50 and one market maker sold over 100k shares on Thursday for someone trying to do this. And they will end up being completely stripped of shares at a fairly low price. My guess is that CC eases back, and sells their remaining shares into the rally, to maximize their profits. And that means they need to convert fairly quickly their remaining B preferred. Paul