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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis -- Ignore unavailable to you. Want to Upgrade?

To: spiny norman who wrote (873)2/16/1998 10:02:00 AM
From: vegetarian  Respond to of 2506
 
I was tempted to short BASEA at 10 when its convertible was announced, the MM for this one is tricky and they seem to have managed to hold the price steady for a while until the last breakdown; the financials appear to be in trouble though anyway you look at it.



To: spiny norman who wrote (873)2/26/1998 3:34:00 AM
From: Q.  Read Replies (1) | Respond to of 2506
 
BASEA dove a dollar yesterday on no news. The S-3 for the discounted converts was filed Feb. 11. Maybe the SEC has deemed the registration effective already, and the selling has begun?

The co. just filed its preliminary proxy. Included among the items for shareholders to approve was this sign of dilution to come:

"(3) Approval of a proposed increase in the authorized Class A Common Stock from 22 million shares to 40 million shares."


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