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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (5597)	3/26/1998 10:02:00 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 18691

Pancho, nice catch on the money fund data. I guess those mutual fund "managers" really are afraid of showing a cash position at quarter end reporting time. Want to take bets on mutual fund cash positions as of 3/31? What's the lowest anyone recalls seeing? I say we set a record. Bob

To: Pancho Villa who wrote (5597)	3/26/1998 10:35:00 PM
From: Joey Two-Cents	Read Replies (1) \| Respond to of 18691

April promises to be interesting. Fed releases cost of Y2K solution and then theres Japans big bang. Also, heard on CNBC that George Soros bought 10,000 S&P 100 puts (OEX) at the money expiring April. Also bought $3B dollars of 3 & 6 month 1.70$ put DM calls. biz.yahoo.com biz.yahoo.com biz.yahoo.com biz.yahoo.com biz.yahoo.com ohio.com:80/bj/news/ohio/docs/013267.htm moodys.com

To: Pancho Villa who wrote (5597)	3/27/1998 3:24:00 AM
From: T. Mann	Read Replies (1) \| Respond to of 18691

Pancho, I am still trying to get a feel for the mechanics of the convertibles. Which ones are the best (from the short perspective, of course)? Is it always possible to tell from a press release or SEC filing? Here is a fresh example: "Thursday March 26, 4:13 pm Eastern Time Company Press Release Organogenesis Inc. Announces $20 Million Equity Funding and 1997 Fourth Quarter and Year End Results CANTON, Mass.--(BW HealthWire)--March 26, 1998--Organogenesis Inc. (AMEX:ORG - news) today announced completion of a $20 million financing of Convertible Preferred Stock with two institutional investors. The preferred shares pay no dividends and are convertible into common stock on a scheduled basis over the next two years based on market price at time of conversion (up to $36 per share). In addition, the investors received 160,000 three-year warrants to purchase Common Stock at $39 per share. Reedland Capital Partners, a division of the Financial West Group, acted as placement agent in the offering.>> Is it a floorless convertible? If it does not pay a divident, what is the incentive for the investors to hold the preferred shares if they convert "based on market price at time of conversion"??? The stock has just had a huge run-up before this announcement. I think the bulls expected over $100 mln equity investment from Novartis who already owns worldwide rights to their wound dressing. This is actually a very ZONA-like "biotech" stock. Nonsensical, useless "revolutionary" product, $200K revenues vs. $4.5 mln expenses in Q4, $5 mln cash, $800,000,000 market cap...Sounds familiar, doesn't it? I would appreciate your comment. Thank you. T.