RipI read that as two seperate transactions.The transaction by...

Rip
I read that as two seperate transactions.

The transaction by ML Aust for 29/6/07 is listed as a BUY of 496,426 and was done on market. Correct me if wrong but 29/6/07 was the day HNC crossed half of the stock they hold - the "good faith" paper they bought from the coy when negotiating the funding deal.

Rumour I heard was that HNC sold it to Pattersons or someone who did a book build with so called sophisticated investors for $4.20 and those supposed sophisticated fellows churned them over for a few bobs profit over a few days. Some may think that sounds silly but trading is often all about size isnt it - I know it works for me - buy enough of somethign and I am happy with a few cent rise coz Im out quick for a good profit.

As I see it ML took advantage of the churn and picked up 496,426 shares at an average of $4.363on market. When added to the 693,264 ML Aust already had it gave them a total 1,189,690 - as shown in the notice.

The second (later) transaction (although listed before it on the notice) by ML International on 9/7/07 - the transaction is described as "Colateral Deliver" - the price struck was @ $4.809999943 for a total of $9,823,930 - now I may be wrong but that sounds more to me like they borrowed something like 9 million dollars from someone and offered 2 million odd CMR stock as collateral -

So in essence, as I see it, the transaction on 29/6/07 was an on market buy of nearly 500,000 shares by ML Aust. and the other was them delivering something like 2million shares to someone as collateral for a loan or something - wonder if they got a margin call yet lol

If anyone knows how to read these stupid notices and knows more - let us know - coz they seem as clear as mud at first sight