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

To: Jess Beltz who wrote (8414)	11/5/1997 9:20:00 PM
From: Peter V	Respond to of 25960

Jess, I have no opinion on market manipulation. If, however, large holders of bonds sold shares short, it creates an oversupply and downward pressure on the stock price. Throw in a couple of timely negative rumors, and voila, the stock price goes in the toilet. I don't know if this is the true cause of CYMI's current price, but it's a possibilty. I have no opinion on the motivation behind the bond issue, just giving you two cents on cause and effect.

To: Jess Beltz who wrote (8414)	11/5/1997 9:39:00 PM
From: nycnpbbkr	Read Replies (3) \| Respond to of 25960

The holders (or as I believe holder) of the bonds would have to short in a margin account. The more you wanted to short the more equity you would have to have in that margin account, unless you are covered or NOT NAKED. Holders of the bonds would be covered or not naked at 47 therefore would need MUCH less cash to do the short, Since they can convert at 47 they would not have unlimited losses but losses that could not exceed the differance between the shorted price and 47.You would be COVERED after 47( you could loss no more) Jess, Emile theory is very plausible. In fact I have been looking at the numbers and they are oddly the same. Let me give you a example, The holders of the bond could short (and still be covered @ 47) 21.2766 shares per $1000 x 172,500,000 million dollars worth of the bonds or 3.6 million shares which is the last reported short interest. please note my old postings on institutional holding and their decreases to zero. Jess I will look for an error in Emile hypothesis. P.S. Emile tell me more about yourself do you have any other information that might help me? Are you in the business?