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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (94)	10/4/1998 10:04:00 PM
From: Zeev Hed	Respond to of 1438

Peter, I am not sure how it is done. With more then 95% of all transaction being electronic without actual delivery of certificates, it could be possible, but I have to my ignorance on this detail. Sometimes, they do actually borrow shares (and thus it show as a net short interest), but in many of the situations I have observed, the reported net short interest must be well below the actual short interest as demonstrated by the action of the respective stocks. It is quite possible that the broker that hold the convertible in the client account report these as 'equivalent shares' and thus there is no need for imbalances, but once more, I do not know the mechanics involved. Zeev