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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Rod Copeland who wrote (3379)	8/13/1998 1:04:00 PM
From: Zeev Hed	Read Replies (4) \| Respond to of 5504

Rod, how can you call spending $15 to $20 MM on buying back shares a "prudent" decision? In the last few months they just issued $135 MM of various floorless instruments and now they spend this money which was supposed to go into exploration and pipe building to buy their own shares? Arakis did the same and their shares are half what it was when they went in and bought back their shares. The way I see it, and of course, I have no proof, it is just my opinion, the management completely disregard the public small stock holders and have announced this buy back to create a nice rally (in my opinion, the stock will not exceed $.5 on this move) to allow the floorless to go for another round of shorting. It is much easier to borrow shares above the margin threshold (less shenanigans needed), then below. Guess what will they do when they will need these $20 MM or so for exploration and pipelines, they will issue another floorless. I think this buy back is a travesty for which the small investor will pay dearly. Just one man's opinion. Zeev