ISCO-Illinois Superconductor Message Board

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Technology Stocks : ISCO-Illinois Superconductor

ISCO 0.131

-3.0%

Dec 23 1:22 PM EST

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To: EepOpp who wrote (429)	3/3/2000 12:47:00 AM
From: WTMHouston	of 524

<<the management thinks so highly of its own company [sarcasm intended] that it's willing to lets its shares be converted from its notes at 25 cents a share.>> I seem to recall seeing something in the SEC filings that indicated that one of the conditions of the convertible financing was that ISCO could not incur ANY additional dent without consent of the convertible holders. What a way to lock in the conversion and not get the notes called: get a contract clause that keeps the company from borrowing the money to pay off the notes. If management could borrow to pay off the notes, which it does not look like they can do, one would have to question why they have not done so. Either way does not look to good for the other stockholders. Management may have done what they thought they had to do in the best interest of the company at the time, but it is doubtful that the convertible holders have the best interest of the company and the other stockholders anywhere near the top of their priority list, if it even appears on it. Troy

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