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Strategies & Market Trends : Pancho Villa's Short Analysis File
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To: Druss who wrote (166)12/10/1998 11:00:00 PM
From: Pancho Villa  Read Replies (2) of 287
 
HEPH I think I never mentioned it but this piece of shit is one of my long term shorts along with ZONA. The holders of the warrant get extra shares only if the stock holds above the price at which their purchased so in that regard it is not a floorless. IMO this POS should be shorted regardless of dilition considerations. The formula below indicates that the owners of the warrants get shares only if the price holds. notice that if A<B then X=0.

X = Y (A-B)
-------
A
Where X = the number of shares of Common Stock to be issued to the
Holder
Y = the number of shares of Common Stock purchasable under the
Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being canceled (as of
one day prior to the date of such calculation)
A = the fair market value of one share of the Company's Common
Stock (as of one day prior to the date of such calculation)
B = Stock Purchase Price (as adjusted to one day prior to the
date of such calculation)
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