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Gold/Mining/Energy : Chesapeake Energy CHK
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To: John Romeo who wrote (591)12/30/1999 4:42:00 AM
From: Ed Ajootian  Read Replies (1) of 726
 
JR,

We have the same understanding of how this works. Not sure what your point is.

When you take away the $5 dividend from the currently quoted price of CHK preferred you are paying a very low price for the right to get annual dividends of $3.50 henceforth.

Given how much NG prices have tanked in recent weeks I believe there is now some uncertainty as to whether CHK will be able to generate enough EBITDA in 1Q '00 to be able to pay the back dividends. This is why the preferred's price has been slipping a bit.
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