WHG? - I hope you're right about GENZ.
I'm not sure exactly what their gameplan is. They don't want the risk, maybe they'll take the reward. The convertibles are still out there, but I don't think the chart would have turned up unless downward pressure from them has dissipated, at least for the time being. With the possibility that a significant positive event will occur, there's also some risk in waiting for that issue to be completely resolved.
For reference, from GZTC's 10-Q filed 8/18, Note 4 to Financial Statements:
5,000 of the 20,000 shares of Series A Convertible Preferred Stock had been converted to 1,223,573 shares of common as of 7/27, which works out to an average conversion price of $4.09.
That made 19,665,801 + 390,593 = 20,056,394 common outstanding then.
In a Form SC 13 D/A filed 2/26, Genzyme Corp. reported 7,669,365 common shares beneficially owned as of 12/28/98. That now represents ~38%.
Will |
