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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Mark the K who wrote (16925)	7/29/1998 5:09:00 PM
From: Marconi	Respond to of 18263

Hello Mark the K: I am a bit concerned about (a) It not going very quickly to support at 4 After the previous hyped run-up this spring, with bankruptcy imminent, ZITL stair-stepped down in fairly orderly fashion. Cautiously, I would suggest that this process is recurring with essentially the same crowd as then, with a tendency to close at 1/4 point and 1/2 point levels every several trading days. It was annoying slow then, and may be so now. Best regards, m

To: Mark the K who wrote (16925)	7/29/1998 5:41:00 PM
From: Marconi	Read Replies (1) \| Respond to of 18263

Hello again Mark the K: I missed the 15 min editing limit. It was annoyingly slow then. I just recalled the thought for the stairsteps--it was from the convertible debentures being traded at pegged prices in lots over time. And the conversion was not assumed to be a straight out conversion of the debentures, but a combination of conversion, shorting, options--the whole ball of worms. The conversion rights were much larger potentially in effect than the daily or even weekly money flows in ZITL shares, so the market trading in a sense could be subordinated to the effects of the debentures. See PPH for today for an extreme example. Best regards, m