SOLD SHORT: Undercovering Deception in the Markets by Manuel Asensio

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Asensio describes a slew of outrageous scams and exposes a crew of corrupt characters - many of them working for the very pillars of Wall Street, household names whose integrity many (mistakenly) take for granted.

For immediate release                        

June 3, 2001                                

Contact: Janet Donovan

Creative Enterprises Int'l

Phone: 202-822-9318


Uncovering Deception in the Markets

Manuel P. Asensio, author

with Jack Barth

Nothing stirs up as much controversy in Wall Street as short selling.

Thousands of professional short sellers play their noble trade daily. But

on Wall Street, where profits are generally highest during bull markets,

the shorties, who profit when stocks decline, are a reviled and

misunderstood bunch. As a result, most shorts are forced to perform

their work clandestinely. Perhaps this is why Manuel P. Asensio finds

himself closer to the center of the short selling storm than others.

Manuel Asensio is one of the few acknowledged short sellers in the

business, who consistently and publicly traded companies it believes to

be grossly overvalued. And when it appears that one of these

companies has been attempting to deceive the market - perhaps via

misleading statements, accounting trickery or significant omissions -

then Asensio publicly releases this information.

Over the years, Asensio & Company has found itself on the front lines of

some of the weirdest, most vicious battles the Street has ever seen. In

SOLD SHORT: Uncovering Deception in the Markets, Asensio describes a

slew of outrageous scams and exposes a crew of corrupt characters -

many of them working for the very pillars of Wall Street, household

names whose integrity many (mistakenly) take for granted.

A firm believer that short selling's bad reputation is unfair, Asensio sees

it as a benefit to investors and society. SOLD SHORT goes beyond the

hype of official reports and investor relations experts to expose the

misleading information and false statements made by major companies

like General Nutrition Corporation, Solv-Ex, and Diana.

Several of these targets have tried to suppress Asensio & Company's

right to free speech by dragging the tiny firm through the courts and

draining its resources. The securities industry continually fails to

regulate even the most egregious scams. Shorts sellers are hindered by

antiquated regulations that attempt to limit their effectiveness, but

instead impose artificial limitations on the openness of the markets.

Asensio uses fair and legal practices in his research of companies. He

looks for answers to the following questions before shorting any stock:

How much negative sentiment already exists about the company?

How did the stock's price react to previous news?

Is there legitimate (as opposed to manipulated) trading volume?

Does the company have sales and tangible assets, or is it all promises?

What is the quality of analyst coverage for the stock?

What is the reputation and history of the company's management?

What is the company promoting?

Who's doing the promoting?

Who holds the stock and how much do they really know about the


Is the company known in its industry?

How wide is the variance between our calculated fair value and the

stock's current price?

How strong is our evidence?

In the end, it all comes down to facts. Whose facts are correct, and

who has been attempting to deceive the markets? In SOLD SHORT,

you'll discover the rotten underbelly of Wall Street - and how the

inevitable downfall of the bad guys actually confirms the beauty of the

capital markets.

Clearly, Asensio invites both praise and criticism, but his methodology

works, and SOLD SHORT is a compelling and fascinating read about this

often mysterious side of the market - and one of the most controversial

individuals behind it.

Manuel P. Asensio is founder and Chairman of Asensio & Company, Inc.

He has over twenty years of corporate finance and research experience.

He has been featured in Business Week, Forbes, Worth, The New York

Times, New York Magazine, and The New Republic. Mr. Asensio

received his BS in economics and finance from The Wharton School at

the University of Pennsylvania and hods an MBA in investment

management from Harvard University Graduate School of Business.

Mr. Asensio is available for interviews by contacting:

Janet Donovan

Creative Enterprises Int'l

Phone: 202-822-9318

Cell: 202-904-1035

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