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To: LPS5 who wrote (13491)	8/12/2001 2:27:49 AM
From: Brandon	Read Replies (1) \| Respond to of 18137

The Conspiracy theory is more fun. Brandon

To: LPS5 who wrote (13491)	8/12/2001 3:19:06 AM
From: Apakhabar	Read Replies (1) \| Respond to of 18137

I have a question concerning a stock I track. I want to understand the nature of its outstanding shares. It has approximately 13 million outstanding shares, a float of 10.5 million, yet institutions own about 18.5 million. The short interest is between 8 and 9 million shares. What does it mean when institutions "own" over 140% of the outstanding shares?

To: LPS5 who wrote (13491)	8/12/2001 2:00:36 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 18137

LPS5, What is it specifically that "looks like" someone hitting or taking "themselves" or a "related account"? Since we are talking about appearances here, rather than substantiated claims that someone is actually engaged in this activity, I'll give you one. Someone else might want to enlighten me as to how I should have read what I was seeing. For several days going into the latest earnings report around July 20, OPWV was getting driven down by an endless stream of ECN offers on INCA, ISLD, other ENCs at times. Every time the bid lowered to create the opportunity, the ECN lowered the ask. No matter how many prints (not too big of course) hit the ask, the ECNs held ground. So what are the possibilities 1) Some large holder (presumably smarter than average money) so committed to unloading stock that it is going to stay at, and push down the inside ask no matter how many little dumb money buyers are whacking away at it, or 2) Some large holder(s) using ECNs to create the illusion there is a big seller while in fact buying back everything he sells, perhaps even from himself, while actually accumulating stock from others who get scared into unloading theirs. If it was 1).. some smart money was looking awfully dumb when the earnings hit, and a lot of little guys made a nice profit overnight. And if it was 2) then some of us who misread the smart money got stuck on the wrong side. Of course, whichever it was, some of us were right and some of us were wrong regardless of anyones intent. I do wonder though about the audit trail, and if it really is all that easy to detect if someone, or cooperating someones, is painting. Dan