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

To: Zeev Hed who wrote (3387)	8/13/1998 2:27:00 PM
From: drjoedoom	Respond to of 5504

Zeev -- << As a matter of fact, the agenda is so transparent I am surprised you are not on the phone asking management why they are buying stock and not the overhanging floorless. >> I'd only make that call if I were worried to death about the floorless. I'm not, not the way HEC's floorless is structured. So no call needed. Also, if I remember correctly, the cash option in one of the transactions kicks in after the holders have expressed their intention to convert. That hasn't happened. In the other transaction, HEC can choose the timing of a cash conversion but pays a 10% penalty for that luxury. Why bother, now? If -- and this is purely hypothetical -- the holders of the floorless had been shorting at prices below $4, they're feeling a bit squeezed right now. Not the sort of "end game" you were warning us about. HEC's management has done the right thing -- just buy back shares, let the squeezed shorts fend for themselves. Joe