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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (5987)	12/14/1998 8:21:00 PM
From: FMK	Read Replies (2) \| Respond to of 27311

Zeev, given the conversion rate is fixed, why would Castle Creek be motivated to short the stock any more than any other large shareholder? If they have carefully investigated, why wouldn't they be equally motivated to purchase additional shares, as would a large institutional shareholder, if stock price is low and major positive developments are imminent?

To: Zeev Hed who wrote (5987)	12/15/1998 12:37:00 PM
From: kolo55	Read Replies (1) \| Respond to of 27311

I have some questions for the expert. Zeev, in the post I'm responding to, you speculate that Castle Creek has been shorting the shares, and will continue to. Since you seem to profess some expertise in this area, could you answer some straightforward questions? The recent announcement stated that Valence is receiving an additional $7.5M from Castle Creek. Assuming that happens this month, then the beneficial ownership of Castle Creek exceeds 5% of the outstanding shares. Do they have to report holdings and transactions involving Valence shares to the SEC after that point? When do they have to report to the SEC? How often do they have to report? Will they have to disclose short positions in these filings? Are there any other relevant reporting requirements for large holders like this, or any relevant restrictions placed on large holders? Thanks in advance. Paul