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

To: Razorbak who wrote (3944)	12/28/1998 9:53:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 5504

Razor, the whole game of this debenture is out, I believe before the end of the middle of next year (but I'll have to look that up again). The repricing is setting a new ceiling (determined by the average low bid or closing bid in the 22 days ending Jan 9), thus getting a rally into which you can short (and then cover with low converted stock) is probably the most profitable move. Not only that, if they really want their pound of flesh they should short about 15 MM shares, that will take a month or two. They get a price below the ceiling after Feb 9 only if it results in lower prices then the ceiling, and this one is truly variable. The best tactic is to get the stock as low now for as good a ceiling as they can get, but without shorting too much (they want some ammunition free for the post repricing shorting exercise). At least, if I was a bandit, that is how I would play it short term. The delays at Islero are playing beautifully into the bandits' hands, and I do not believe in "coincidences". Zeev