Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Rob W who wrote (1095)	1/12/2000 8:10:00 AM
From: Zeev Hed	Read Replies (1) of 1438

Rob, I just took one look at ASTM and it surely does not look pretty, it is not just a floorless (with current debt able to double or more the number of shares outstanding at current prices), but they are a leaky floorless, namely, they will need to go back to the market quite a number of times before they hope to become positive cash flow, since they have barely a quarter or two of burn rate on hand. It seems that their burn rate is close to $12 MM per year, management still pays itself quite handsomely, and frankly, unless you know that they have an impending huge success (or a partnership taking on the expenses of running the company), I would expect this stock to see new lows well under $.25 sometime this year. Zeev

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