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To: Kurt N who wrote (3808)	6/21/1998 11:50:00 PM
From: TopCat	Respond to of 6528

Kurt, For Pugs, 'naked-shorting' is the normal process that MM's use to make a maket, where 'abusive naked-shorting' is where he bought into a hype and lost his behind. TC

To: Kurt N who wrote (3808)	6/22/1998 12:42:00 AM
From: Pugs	Read Replies (1) \| Respond to of 6528

Kurt, The ability to create liquidity in the market is abused by MM's to create the illusion of volume and selling, with the sole purpose of scaring investors, creating panic and covering those naked short positions. The equation I use in figuring the undeclared short position in a stock is; (IS) issued stock +(SI) short interest ______ stock available (KS) known shareholders +(SP) street proxies ______ shares in Market KS + SP > IS + SI , undeclared short position If the number of undeclared shorted shares equals 5-6MM, I would call that abuse, not liquidity. Pugs