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

To: Jonathan Bird who wrote (10289)	11/11/1997 4:32:00 PM
From: FuzzFace	Read Replies (2) \| Respond to of 12298

Jonathon, If I recall correctly, they did the shorting in the 30's not at 18. I am still not sure why they would cover at 18 though, if they thought it would go lower. Still, if they "let" the price drop to say 9, that makes the ability to buy APM at 18.5 worthless. It also means a viable tender offer could occur at say 15, which also would make the debs conversion option worthless. (wouldn't it be ???) Deb holding shorters would not be out any money, no matter what happens, but since we have seen support at 18, I am wondering if the debs have anything to do with it. All responses from knowledgable parties welcome. Am I missing something? Do the debs have any effect? If so, could you explain the mechanics?