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To: dpl who wrote (6536)	2/18/1999 10:59:00 AM
From: Richard Estes	Read Replies (1) \| Respond to of 12617

It is good he is here. Just like the casinos, the house make the rules. None are there to help customer.

To: dpl who wrote (6536)	2/18/1999 12:08:00 PM
From: steve goldman	Read Replies (2) \| Respond to of 12617

It even gets more confusing when you ask one broker and get three answers <GG>. Anyway, i spoke to two people today at Pershing, one in short department and then a guy names Tom Giunan, head of compliance for Pershing. Both stated exactly same thing. No per se rule against shorting stocks under $5. If you can borrow it, you can short it. IPOs, can be shorted once the firm has inventory. Typically that would be on settlement day (ie. the clearing firms b/d's have clients that buy it and once it settles, and they actually own it, they can loan it back out...) There are occassions where IPO stock might be available on first day out. Anyway, two answers, exactly the same, matching my understanding., yet I couldnt find anything, rules, codes etc. on SEC's or NASD's website. Their seaching features arent done very well. I guess thats why I gave up law... Regards, Steve@yamner.com