Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Chris McConnel who wrote (514)	6/26/1999 10:14:00 PM
From: Zeev Hed	Read Replies (2) of 1438

Chris, sorry, I looked only at the most recent S-3, not news releases. You are right, this is what we call, a time bomb floorless, with a critical "repricing date" (about April 9, 2000 ). There is an "anrishorting clause" but unless one see the whole agreement (typically issued on an 8-k), it is tough to see if that has teeth, furthermore, bandits have been known to engage in off shore secondary accounts shorting. Since the price seems quite high to start with, I would not get into this sick bed on the long side. Zeev

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