Our "Expert Analyst" states>>King does not (and whole Zit staff) know the correct amount of Convertible Debentures.<<
Dear Michael - I am truly surprised at you, being an "Expert Analyst", and blowing this one. The $25,000,000 debentures, with a 10% discount to the trailing market price, have to be grossed up. (Don't you remember that they had to book the 10% discount as "deferred interest" ? - You should - you made a big deal at the time about how that meant another large wrie-off)
Well if you divide the $25,000,000 that they received by .90, you get the grossed up value of the bonds, $27,777,777.78. They take a charge for "interest" of $2,777,777.78 and the net cash is $25,000,000.00.
Simple math, dear "Expert Analyst".
So, you see, King does know what he is talking about. You, sir, don't.
Steve |
