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Microcap & Penny Stocks : JAWS;A P/E of 2 with 150%/yr Erngs Growth!! -- Ignore unavailable to you. Want to Upgrade?

To: del clark who wrote (2596)	8/30/1998 11:10:00 AM
From: Harold Finstad	Read Replies (1) \| Respond to of 4230

Del, I learned a hard lesson some 40 years ago with Bruce Wax. Never to use a limit order on a "Story Stock". I was in my first year as a stock broker. I noticed one of the senior brokers was buying this stock Bruce Wax pretty heavily. I asked him what was happening. He just told me to "buy it". No real story, jut buy it. I had been watching it go up for the past few days so I figured "what the hell", and put in a limit order to buy 500 shares at $13 (a lot of money in those days). It closed that day around 14 «. Of course I didn't get an execution. Over the next several weeks I was kicking myself as I watched it fly up to about $80 a share. By this time the word was all over the street that there was a major short in the stock. One morning the stock did not open for trading. It had been halted. There was no news other then that it had been halted from trading. You can imagine the rumors that were flying. Everything from fraud to buy out to negotiated settlement. Well it was a negotiated settlement. A few days later, still with no official news from the Company, a "tombstone", offering notice shows up in the Wall Street Journal, notifying all shareholders that a tender offer was underway for something like 1.5 million shares at $160 a share. Which meant that any shareholder could tender any or all their shares to this offer. And that all shareholders that tendered by expiration date would have their shares accepted under the offer "pro rata" up to the total amount tendered. Don't hold me to the exact numbers. After all that was about 40 years ago. And I really don't know who, if anyone the price was negotiated with. Communication back in those days was off a Dow Jones teletype machine and was sketchy at best.