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Technology Stocks : SOFTKEY=MERGER MANIA

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To: Thomas C. Donald who wrote (914)	3/16/1997 10:11:00 PM
From: steve host	of 966

I agree with you Thomas - something is very fishy about this Greenberg guy. Also he hasn't said anything negative or spositive on TLC since that statement. In my book that's a good sign since he kept on hitting it before the fall. I believe all his prior comments related to the debt, but I think they are handling the debt very well and they are certainly doing better in that department now, due to repuchases and their cash position. THey are certainly doing better at reducing debt than when the stock was 29 before the repuchases and before they stored away all that cash that they gathered (more than expected). I have to think that this stock's fall is a self forfilling prophecy since the debt is only convertable at $56 a share, the more the stock falls the less likely it will convert and thus the more the company would have to pay off( in theory, if there were no refinancing). However the reality is that the due date is more than three years away. Thus, I believe that when this stock starts to move back up it would move just as quickly especially when it gets back to the high teens and 20s since it becomes more likely that it will supass the $56 figure and thus there would be no drain of cash in 2000. Just my HO

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