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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Sir Auric Goldfinger who wrote (882)8/24/1999 4:21:00 PM
From: CMon  Read Replies (1) of 1438
 
Auric dude:

I read the ASTN language as follows:

After the floor period expires in 2/00, for conversions that would take place below the $7.35 price, the company can prevent the dilution by redeeming the preferred. Which is fine in it's concept. But in reality, 1) they'd have to have the money to do that and 2) if they raised the money to do it, it would probably be more of the same type of paper.

So, for our purposes, that's a very questionable floor in the ASTN doc.
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