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Technology Stocks : Applied Magnetics Corp -- Ignore unavailable to you. Want to Upgrade?

To: Brian Lempel who wrote (10288)	11/11/1997 3:49:00 PM
From: Jonathan Bird	Read Replies (1) \| Respond to of 12298

<<To my understanding, we should have support below 18.5, because that is the point where shorts will cover.>> Brian, can you help me to understand why the debenditure holders would want to cover at this point? It was my understanding that the whole point of them shorting was to protect their investment if the price fell below 18.5. I imagine they were kicking themselves as it was going up and up to 35 but now it would appear that their choice to short has been vindicated and they are unlikely to cover right as their strategy is beginning to pan out and protect them from losses. Jon Bird