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 (1060)	11/23/1999 1:38:00 AM
From: Larry Brubaker	Read Replies (1) of 1438

Linden, this would seem to be a great price for the bandits to be shorting WSTL. My reading of their floorless deal is that the conversion ceiling, which is currently $6.37, is reset to as low as $4.46 as of April of 2000, provided the stock is trading that low at that time. I wouldn't want to bet against the bandits taking it that low by April. On the other hand, the stock had broken its previous top at about $9, so it could easily move up some more before the bandits have at it. I'm going to watch the trading for signs the bandits are selling.

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