Makes a lot of sense. I vaguely remember your earlier post now that you have banged on the ol'neurons. Since you spurred me on to go read up on the CD's I figured I'd post what I've found. Couldn't find the "formula for conversion, in the 10Q, 10K, or 8K.. But, since my Yahoo SEC links have turned into a Yahoo mirror site complete with Microsoft ads. I'm going to check the SEC site directly and see if it has more info than the mirror.
From the 3Q96 10Q
In May 1996, the Company issued $5,000,000 principal amount of
Convertible Debentures due May 1998, raising approximately $4,700,000 net of issuance costs. Prior to this issuance, the Company had no long-term debt The debentures bear interest at an annual rate of 7.5% which is payable in cash or the Company's Common Stock, at the option of the Company. The debentures are convertible into the Company's Common Stock according to a formula based on the market price at the time of conversion. As a result of conversions through September 30, 1996 the principal amount of debentures outstanding has been reduced to $3,387,000.
Well, I checked the SEC site vs the Yahoo SEC site. Yahoo is much faster, and has cleaned up the content, getting rid of all the useless machine gibberish and command BS at the beginnings and ends. It also cuts off the SEC summary list at the end that I personally find useless. You have to link through the first Yahoo page as it just has the Management Discussion of the latest 10Q. The SEC EDGAR link at the bottom takes you to the "EDGAR-ONLINE Full cleaned up version of the SEC filings. Seems less wait time and a much cleaner presentation. IMHO a nice new feature from Yahoo. Also the link to get there is in the portfolio automatically. I wonder how quick they are to update it when the info. hits EDGAR.
Dave says, check it out and follow the links......
sec.yahoo.com |
