I still have a good bit of TYC remaining on the short side, and have been playing it for a long time. The have a huge amount of debt coming up and Feb is the drop dead date. Almost any type of new financing they come up with will be negative for the stockholders and will result in another very big writeoff. I also am convinced that their books are not even close to being clean and look for another round of bad news from that front also.
My plan is to take advantage of a run on the shorts and reposition.
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