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Biotech / Medical : Techniclone (TCLN) -- Ignore unavailable to you. Want to Upgrade?

To: EZLibra who wrote (2513)	9/4/1998 10:19:00 AM
From: Jim Baker	Read Replies (3) \| Respond to of 3702

<< Alys of course there is an active short. The S-3 is about gone so the 3.3 million declared short as of 8-15 is real. >> Just as Davis was wrong about my concerns about executive compensation a month ago (he said it was "old news", and we know how that turned out), he is off on his usual short-seller/market-maker witch hunt to explain why we are at $1. I look at that August 15th short interest data and say maybe the paperwork on the warrant call and conversion didn't catch up with the short interest reporting. After all, they were only a few days apart. Also, I look at the logic here and the math does not add up. If we had a few million short in July due to the S-3, and if they were gone in August but we still reported 3 million short in August due to other short sellers, then we must have had 6 million short in July. We did not. Also, I look at the $20 million financing done a few months ago ($3 million drawn down) and suspect they may be selling stock each time we get near $1.50 or so. Funny how Davis never ever talks about that. Finally, I can tell you there are a bunch of longs who are tired. Remember, we are now pushing towards 80 million TCLN shares out there. Trust me, they don't all read Yahoo or UnionPride (UnionPride - now there's an oxymoron as we approach the year 2000). They don't all dream of Aruba. Davis might find this hard to believe, but some of the longs have been sellers this summer. And why not? A few days ago, I think it was Biotex on Yahoo who outlined a few of the reasons why your basic shareholder would conclude this is less than a stellar stock/company. It was actually a decent list. I recommend you read it. While many look forward to some big hype job on CNBC, I am looking forward to the long overdue day when Larry B. has a real honest to God conference call with shareholders and says he is firing all the Tustin Turkeys, says he has a long-term financing plan, says he has a long-term manufacturing plan, and so on. That, not some fleeting hype, will be the signal event for me. I am not holding my breath, however, since Larry could have done this already and he has not. Davis can talk his market-maker and scientific mumbo jumbo, but try to remember this is a commercial enterprise and one of 15,000 common stocks. None of us is perfect, but his track record on assessing this investment has been pitifully one-dimensional and wrong. It is just a stock, with both risk and reward.