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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: Emile Vidrine who wrote (8298)	11/5/1997 1:25:00 PM
From: Stoctrash	Respond to of 25960

Bravo Emile, I have a feeling your on the right track!!! BTW...this senario spelled out by Emile is VERY common...especially with high growth techs that do a convt. deal. fred

To: Emile Vidrine who wrote (8298)	11/5/1997 1:26:00 PM
From: Curlton Latts	Read Replies (1) \| Respond to of 25960

Emile: You are absolutely RIGHT ON. MWitter and Monkey Sec assisted their cnv clients in the scheme. I've thought this for some time. The $47 conversiion price gave them a natural insurance option for only 3.5% money. Good Luck To Each And All Curly ~~~~~~^^ [6.6] ....> [_]

To: Emile Vidrine who wrote (8298)	11/5/1997 1:30:00 PM
From: Noneyet	Read Replies (1) \| Respond to of 25960

Emile, Excellent post and probably the most logical explanation of what has happened to the stock, including the bond holders spreading false rumors. I wonder what Mr. Angus's position would be if someone bought your theory to his attention? The reason I mention the CFO is that, if he agrees with your logic, then why wasn't this pitfall seen before the offering ? Perhaps, Cymer may have taken a different course thus avoiding the damage that has been done to their stock. Good luck to all. Best Regards, Tom

To: Emile Vidrine who wrote (8298)	11/5/1997 1:34:00 PM
From: Gerald L. Kerr	Respond to of 25960

Emile, IMO your theory is very, very plausible. And to continue this thought, as soon as the holders of the convertibles have finished covering at these low levels, certain analysts who have negative on Cymer will suddenly "discover" that Cymer's prospects are much better than they had imagined, leading to a flurry of upgrades. Whether this will happen in time for my Nov 30 calls to be in the money is, of course, problematical. Gerry

To: Emile Vidrine who wrote (8298)	11/5/1997 1:35:00 PM
From: Crossy	Respond to of 25960

Emile, Your scenario makes fine sense. Thanks god for CYMI that convertible had a fixed conversion rate of $47 attached to it. So they can't short more as the stock went down. The case of a floorless convertible (where the conversion price is NOT fixed as in this case) is the actual dangerous scenario. Wild up & down raids are the common scenario in such a context. The 50% drop of CYMI from its highs was NOTHING against this... also long since today, CROSSY

To: Emile Vidrine who wrote (8298)	11/5/1997 1:51:00 PM
From: Holyman	Respond to of 25960

Emile: Good analysis Emile. I did mention the short sell theory briefly to Patty ( Mr. Angus' assistant) today. I also provided her the URL address of Nasdaq short list. CYMI #2 (after ASND) being shorted. Cymer's IR people apparently did not know the detail of why was CYMI targeted as one of the top short list issues. I think you should fax your theory to Mr. Angus for further clarification. God Bless

To: Emile Vidrine who wrote (8298)	11/5/1997 2:57:00 PM
From: Tim Bagwell	Respond to of 25960

Emile, you may have the answer with your theory. That was some of the best analysis I've seen on SI. Many kudo's! Tim

To: Emile Vidrine who wrote (8298)	11/5/1997 5:07:00 PM
From: Elroy Jetson	Respond to of 25960

Your scenario wherein the holders of the convertible debentures sold short an equal amount of stock is the most plausible explanation for what is going on. Let's face it. No one in their right mind would short such a large percentage of the total shares in a thinly trading stock. Certainly they would not be holding these positions now - unless they had an alternate source of shares to cover their short position.