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Gold/Mining/Energy : SHERRITT LARGEST SHORT TSE ??? SQUEEZE POSIBLE -- Ignore unavailable to you. Want to Upgrade?

To: Fuller who wrote (1)	1/24/1999 2:40:00 PM
From: marcos	Read Replies (2) \| Respond to of 5

Aren't the Sherritt shorts pretty much covered by convertible debentures? I still have a little S, but don't watch it much ... here's a bit from my files, from Midland on 4/5/98 - "i) The issue of $675 million of convertible debentures in December 1996 was popular among hedgers, who sold Sherritt shares short as part of their underlying investment strategy. The number of shares sold short, while fluctuating, appears to have settled. In addition, it may be getting more difficult to borrow the stock to sell short." The terms of conversion of those debentures is critical imho ... I don't think they are floorless 'death spiral' convertibles but I wouldn't hold my breath waiting on a short squeeze .... Midland was wrong in the above piece, btw - short position has risen since and the price is off considerably from the 6.25 it was at .... I don't know when those debs are finished, but a person could find that on sedar ..... cheers ..... marcos