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Gold/Mining/Energy : CMYN -- Ignore unavailable to you. Want to Upgrade?

To: hedger who wrote (507)	3/31/1998 8:41:00 PM
From: steve kennedy	Read Replies (2) \| Respond to of 811

CMYN is investigating illegal shorting. Could it be that the preferreds illegally shorted CMYN before driving the price down? -- Because of the immense dilution that occured there won't be much if any bounce when the shorts cover. Preferreds could conceivably make money from their shorts, their conversions and a piece of the assets when CMYN goes under. With the rising price of gold and CMYN real assets it's not a bad deal for the preferreds. It looks like an interesting lesson in how to steal a company and make a fortune just as the price of gold recovers from it's decline. It is hard to believe that management could make such a bad deal. My question is why doesn't the company step in and buy back it's shares. The market cap is 2.8 million and they have aprox 10 million cash(so they say). They did a stock buy back when the price was quite a bit higher, why not now?? BTW, I don't own CMYN any longer, I sold at break even and am watching for a recovery. I still have a few shares of BRE-X in my account to remind me of what CAN happen. In Bre-X case the company was crooks -- in CMYN case the preferreds are the crooks. CMYN will probably be BB soon Steve