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

To: Larry Brubaker who wrote (9221)	3/13/1999 12:56:00 PM
From: Rich Wolf	Respond to of 27311

Larry, What I was referring to was 'pledging' their unconverted preferreds, to then borrow actual shares from a broker, to then sell short. They continue to collect interest on the preferreds, but would have to pay for borrowing the commons they short. Again, if they'd done this, there'd be evidence in the numbers. (Shares they pledge as collateral are subtracted from the amount of common they beneficially own.) There isn't evidence of such a large reduction in their equity position. That's my point.