Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Gerald Walls who wrote (1218)	9/15/2000 3:22:51 PM
From: Dr. John M. de Castro	Read Replies (1) of 1438

Thanks for the correction Gerald. I agree with your statement. I deserve it as I didn't express myself well in my post. (But, that's not unusual <bbg>). What I meant was that the deal was structured such that shorting didn't necessarily make sense. The debentures are convertible at a fixed price. So shorting against the warrants to increase the number of "adjustment" shares would seem to be counterproductive and would be reducing the value of the debentures. But, these documents are incredibly complex and I'm not sure that this "legaleeze challenged" investor is interpreting it correctly. Best regards John de C

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