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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: jerryriti who wrote (17866)	10/10/2000 7:48:11 PM
From: Rocket Scientist	Read Replies (2) \| Respond to of 29986

Well, I'm pretty sure BSterns is selling the stock very soon after receiving a takedown notice....whether it sells short, then covers two days later when the shares are delivered, I dunno. It's more likely that it just "sells" immediately, then "settles" 3 days later. The details on how G* notices the takedown and delivers the shares are at freeedgar.com If I understand correctly, for each tranche, noticed on day 'T' the max size of the tranche is 10% of the sum of the trading volumes on Day T-2 and Day T-1. The price BS pays the company is based on the trading range on Days T+1 and T+2. The company delivers the shares and BS pays on Day T+3. The Shares "are registered in such names and in such denominations as BS shall request in writing" not later than T+1. A filing with the SEC has been showing up as early as the close of T+1 and as late T+3. Taking all that into account, I think BS is probably selling to institutions which may be buying for their own accounts or selling into the market.