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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Roger A. Babb who wrote (932)1/18/1998 3:16:00 PM
From: Ploni   of 18691
 
floorless means that the conversion price does not have a floor (but often does have a ceiling)

This is significant, because if the convertible holders short sell, and the stock rises instead of dropping, they can still convert their shares at the ceiling price, and use those shares to cover their short position.

Thus the deck really is stacked in favor of the convertible holders. I'm tempted to agree that it should be illegal.
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