Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Pete Mason who wrote (480)	6/17/1999 12:37:00 PM
From: Zeev Hed	Read Replies (1) of 1438

Pete, I have not read the whole 8-k, but the paragraph you cite means that they can short against the block with abandon, namely as long as the face value of the debenture (as converted to the floorless) is sufficient. Why would they want to take risks and short "naked"? They do not have, the pressure of their shorts will provide for the necessary price decline that will allow further shorting. It is a teeth less clause. Zeev

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