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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: augieboo who wrote (83517)	6/22/2002 6:53:32 PM
From: Bruce A. Thompson	Read Replies (5) \| Respond to of 99280

Happy to Augiboo, First, It is a story about a company, hurting for capital, taking a large floorless financing. The holders of the floorless sold four times the float and twice the total outstanding shares short NAKED. The hopes were they would receive newly issued shares from the company to close out the position. Standard floorless story. Drive the company out of business by shorting them to death. No need to pay off in the end. This time, the president of the target company reorganized the company by issuing a class B stock and declaring a 1 for one exchange to the Class A holders. The class A had 45 days to exchange their shares for the new shares before the class A became worthless. The clincher was they had to have the physical certificates. This caused the current holders of 30,000,000 newly bought shares to be very upset. The shares do not exist. The floorless holders are the villans but the victim got the last laugh. BT Subject 52438 More on the story @