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Politics : Ask Michael Burke
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To: Exacctnt who wrote (84929)11/6/2000 5:52:35 PM
From: Knighty Tin  Read Replies (2) of 132070
 
Ex, Not as I understand it. I could be wrong, but, since they can be converted into the new shares, there is no need to buy back the old. It is almost like a split. The only time you have to cover the shares is when they physically leave Street name. In this case, shares held at Merrill will simply be switched to the new stock by whatever ratio. Similar to when I had calls on Ancor. I now have .56 or so calls on QLogic, with nothing but a bookkeeping entry. However, since I've never held such a short to conversion, I am not certain.
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