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Strategies & Market Trends : IPPs and Merchant Energy Co.s
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To: Joe Stocks who wrote (247)9/27/2002 11:15:06 AM
From: KyrosL   of 3358
 
Joe, in my mind the risk of the preferred and the common is the same. Mirant either goes bankrupt or it survives and thrives. In the first case, both the preferred and common are worth zero, but the bond at current prices will not lose much. In the second, the common, at around 2, has much better upside than the preferred, and the bonds have just about the same upside as the preferred.

Kyros
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