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Biotech / Medical : SNRS- Sunrise Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Joe who wrote (3832)	2/21/2000 9:02:00 AM
From: LiPolymer	Respond to of 4140

Conversion price will soon be determined: biz.yahoo.com "The financing vehicle is convertible debentures that carry a 7% per annum coupon for a term of two and a half years. They convert at the option of the investors at a price set at a discount of 25% to the average of the 10 lowest closing bid prices for the Company's common stock in February 2000. The conversion price will not be above $13.67 or below $3.00." Only 6 trading days left to affect the conversion price. Even if they could drive the closing bid average to $7 (conversion price of $5.25), this converts to about 2.23M shares. How many of those shares will have to be dumped from the ask, i.e. shorted, in order to drive the price down and hold it there for the next 6 days? One key is the volume, which has held up well all during February. If the bid dries up it will cost fewer shares to drive down the price. So far this has not been happening. Has anyone with Level II noticed the big blocks on the ask for the past few days? Shorts using the MM's to shake the trees IMO, but so far it's not working. I've been parking my bid 1/16 below the "wall" of sellers on the ask, but they are in no hurry to sell. With over 1500 on the ask, and less than 100 on the bid, that 100 would not last long in a "real" market condition. They're just bluffing, trying to scare away buyers and trigger panic to get other sellers to do their dirty work. As soon as someone starts hitting the ask, one of them will drop the ask by 1/32 with a smaller block and take the fire. LOL! It would be prudent to watch SNRS at the close for the rest of February to take advantage of any buying opportunities. ;-) Let's see how the rest of February goes...regards.