Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Gerald Walls who wrote (907)	8/29/1999 10:35:00 AM
From: mst2000	Read Replies (1) of 1438

BTW - to use the analogy of telemarketers fleecing old ladies to describe why Rose Glen, with its history of successful investments in publicly traded companies (CMGI and Cybercash come to mind), might adopt a manipulative and possibly illegal strategy to improve its conversion rights . . well . . . it's an interesting and revealing analogy -- revealing about you, not about Rose Glen. I can tell you are not neutral on the issue of manipulation of so-called floorless conversion rights, even if you are neutral on ASTN. To me, it defies logic that anybodywould make a $20 MM investment on the long side and then embark on a manipulative strategy to drive the price of the stock down so as to improve conversion rights, just because the PP agreement contains conversion hedges that protect the investor against market forces driving the value of the stock down before the conversions can actually take place. Interesting, but logic defying if you ask me. Sometimes, where there's smoke, there's fire - - and sometimes, smoke is just steam which looks a lot like smoke but evaporates into thin air when exposed to the light of day. MST

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