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To: LK2 who wrote (1434)	11/7/1997 4:49:00 PM
From: Mark Oliver	Respond to of 9256

Larry, I would just sit tight for a moment and think about this. If APM is so heavily shorted, at some point the shorts will cover. In fact, the stock might have gone down the tube except they were probably covering already. Still, there are a lot of shorts out their and many of them figured this story out long before you. I would expect a bounce at some point as they cover, and that may be when you get your shares. Mark

To: LK2 who wrote (1434)	11/7/1997 4:57:00 PM
From: Frodo Baxter	Respond to of 9256

>I tried to short APM this morning, and was told by my broker they didn't have any shares available to short. The short interest on APM is huge because, like I mentioned before, holders of the convertibles shorted APM to lock in gains. However, I doubt that they are allowed to borrow against these (as yet unconverted) shares. So they borrow them against the float, and that's why you probably can't find any shares to short. If you want in on the short side of APM, you can either buy puts or write calls. Since the implied volatility is ridiculous, the latter is probably a better strategy. Of course, shorting options is not for the faint of heart (ref: Victor Niederhoffer).