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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Mike Roberts who wrote (17562)	2/25/1999 7:40:00 PM
From: Tom Hua	Read Replies (2) \| Respond to of 18691

Mike, I missed ICCSA. Today I shorted PDX big time at average cost of $30. The company announced the acquisition of a tiny med group in Tacoma with only three doctors, and the stock jumped 25%. Company is being audited by KPMG and will be restating past earnings. Questionable issues are accounts receivables, expensing of acquisition costs. Oh there're about a dozen class action law suits filed against the company alleging fraud. Company rescinded a 2-for-1 split because the stock price was split on Feb 12 (without doubling the shares)when the restatement news came out . I shorted PDX last week and made 7 pts. Hope for similar performance this time around. <g> Regards, Tom

To: Mike Roberts who wrote (17562)	2/25/1999 9:20:00 PM
From: Fred Puppet	Respond to of 18691

Mike, the NASDAQ delisting was a windfall, but ICCSA is still a great short. The current ratio is < 1. They need cash to survive, and the only way to get it is to go ahead with their floorless which hasn't been issued yet. However, without the NASDAQ listing, the investors who were going to buy the preferred convertible may change their mind, in which case the company dies immediately. Worst case for the shorts is that the company goes ahead and issues the floorless. That will allow them to survive for a while, but will kill the stock price.