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

To: Rich Wolf who wrote (9228)	3/13/1999 2:06:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 27311

Rich, if you owned the converts, and the stock went to a 30% -35% premium above your conversion (or between $8 to $8.5) and somehow, you believed it might no go far above that in the short term , would you not short some against the box with the intent to cover at $6.875 to $7.25? Since they can short with impunity in case their assessment was wrong (and the stock roared), I think that you would have misapplied you fiduciary responsibility to your investors if you did not pick up a riskless 30% gain in few months and in lieu waited for a major killing. Such inter month transactions would not show on the total count of the short position nor would it be required to report to the SEC. Zeev