Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: lindend who wrote (1056)	11/21/1999 1:22:00 PM
From: Zeev Hed	Read Replies (3) of 1438

Linden, I agree with them, the issue at LUMM is not floorlessness, it is valuation, if I am not wrong, the market valuation is a cool $ billion, and you should ask yourself in what time frame, if ever, they will achieve that kind of sales. Particularly in view of the fact that Lucent has similar technologies and much better means to deploy these in the market. If additional financing (which they will definitely need) is floorless, then additional considerations should be given. Of course, with so many converts at prices much below the current market price, you could see riskless hedging by the holders of these instruments, but that will depends on what they see the prospects of this company to be (IMHO). Zeev

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