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Strategies & Market Trends : Pluvia's Fist.com - Pluvia's Plays & Portfolio
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To: rogermci® who wrote (365)11/17/1999 11:07:00 AM
From: Dako  Read Replies (1) of 1766
 
Roger:

One of the ugliest things in the PBYP 10-K is the terms of the re-negotiation of the convertible bonds. Assuming the company can make the modest early principal repayments beginning In June 2000, the remaining $14 million or so becomes convertible at market price in December. At current prices, that would more than double the float, and at expected lower stock prices, would add a lot more.

But the worst of it is the inescapable squeeze on cash. The wrong business to be in with a balance sheet like this.
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