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Strategies & Market Trends : Shorting stocks: Mechanical aspects -- Ignore unavailable to you. Want to Upgrade?

To: chester lee who wrote (77)	8/1/1998 11:38:00 AM
From: Ken Brown	Read Replies (1) \| Respond to of 172

Chester, What makes this case so unusual is the fact that the rights are so variable, and limited. What if the 20 shareholders elect (stupidly) not to buy shares at all? What if 10 buy them, and sell them at different prices? Or, don't sell them at all? I can understand I'm responsible for something - I just can't understand what that something is. My guess - and it is only that - is that I am now short 2x as many shares, with the new shares having a short basis of $7.50. That's the only thing that makes any sense to me. If I find out something different, I'll let you know. Thanks, Ken