Knight/Trimark Group, Inc. Message Board

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Non-Tech : Knight/Trimark Group, Inc.

KCG 20.00

0.0%

Aug 17 5:00 PM EST

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To: Richard H. who wrote (1568)	6/11/1999 4:54:00 PM
From: Tomas Mann	Read Replies (1) of 10027

SWS seems to be borrowing money, using as collateral half of their NITE shares (around 880,000 out of 1,7 mln). As far as I can tell at this late London hour, SWS has essentially SOLD on a forward basis (5 years from now) half of their NITE shares (attention SWS investors) at a price of $56.68. Please, correct me if I am wrong. The copy of the announcement does not say anything about a coupon, but it is possible that the funky feature of getting paid 0.833 (observe 0.833 = 1/1.2) when stock appreciates 20% or higher is in place in order to generate a coupon for the noteholders. It is interesting why did they do this. Any opinions?

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