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

To: gaohong who wrote (11469)	7/14/1998 9:48:00 AM
From: JGarly	Respond to of 18691

re FVHI float I think that the figure of 10 million I came up with is, too large. I was working on the basis that all of the convertible preferred stock would have converted into stock that would be entering the float. However, although still covered by an S3, 65% was sold in a private transaction to Softbank, so should not be considered as part of the float. A float of 6million+ is correct - prior conversions of preferred stock were sold into the market boosting the float to this figure. Apologies for the misleading info, though I do not think this changes the rationale for the trade significantly. jon

To: gaohong who wrote (11469)	7/14/1998 8:48:00 PM
From: gaohong	Read Replies (1) \| Respond to of 18691

Hi, Thread: Crazy market seems made this thread more quiet. IMO, internuts is about crash. As more and more tickers announce build website selling things, the Street and small investors will know what exactly means, hype it up then dump. As time goes nobody will have any interests in unless everybody can make quick buck in it, which is impossible. I am naked shorts, and steadily improving by sticking to small internuts. Just digged ITEX SEC filing, found there are 53.5K convertible at lesser of five day trading average bid before April 30, 1998 or 80% of average common share trading price (I assume it is closing price) for 5 trading days before conversion. Off-shore purchaser agreed not to sell more than 50% of converted COMS for at least 75days. Well, tomorrow is 76th days, how convenient ! Assume starting May 11, 1998, he sold half (41 days before can convert), he still got 26K preferred shares left. And I think if he start selling @5, he will definitely sell at above 5 to lock his profits, as long as he has the capital, he will sell. Today's volume is 18million, tomorrow there will be lots less and many profits taking. I also expect market become little weaker due to INTC. ITEX floats 5.9M now, 13K shorted. Also noticed XYBR closed a private placement of $4million, the funny thing is the statement: "Each investor purchased restricted common stock at share prices well above current market, the company said in a statement." Happy trading, everyone.