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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Don Westermeyer who wrote (7488)	11/24/1997 7:27:00 PM
From: Anaxagoras	Read Replies (1) \| Respond to of 9285

<<When a broker forces someone to cover shares because some shares become unavailable (for instance if someone takes posession of shares from a heavily shorted stock), how is it decided who's shares to call? >> Houses can choose between FIFO (first in, first out) or lottery; at least, that's what they're suppposed to do. If you receive notice, make sure you ask why your shares have been selected and ask what method they use. At least they won't think they can snow you quite as easily if that's what they're up to. Anaxagoras

To: Don Westermeyer who wrote (7488)	11/24/1997 8:43:00 PM
From: Craig Richards	Read Replies (1) \| Respond to of 9285

Don, I've had a short called in once. I was given 3 days to cover my short. I ignored the notice, and the broker didn't buy in my shares, obviously he found them somewhere else. Sometimes when I borrow shares, I'm told that only "broker's shares" are available. If I go ahead with a short sale under these conditions, the broker can call back the shares without any notice. Normal shares have the 3 day notice period before being called. I would imagine that "broker's shares" would be first in the queue of called in shorts. Craig