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Technology Stocks : Off shore 8K Financing!
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To: McNabb Brothers who wrote ()6/2/1997 1:16:00 AM
From: Shoe   of 50
 
Why is the offshore aspect important? Isn't it the substance of the deal -- for example, debentures convertible at lower of a fixed price or a percentage (less than 100) of future market prices, perhaps with warrants thrown in -- that gives cause for concern? I recall a NY Times article within the last several weeks reporting an onshore investor having to sue the company to enforce conversion after the stock fell dramatically. The Cayman Islands address presumably reflects a tax dodge -- do you think it has more sinister implications? Does your research so far indicate worse performance after similar financings, based only on the offshore source?
Note also that not every company that does such a private placement will file an 8-K, though it will be mentioned in 10-Qs or 10-K, and assuming the investors get registration rights, a 1933 Act Registration Statement will be filed at some point.
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