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Technology Stocks : 360Networks - TSX - TSIX

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To: Ian@SI who wrote (276)	6/2/2001 9:22:03 PM
From: James Calladine	Read Replies (1) of 449

IAN: I agree with you. Bondholders often have quite large positions, and generally have access to information that enables them to evaluate their credit risk better than the typical common shareholder. The comment in the Barrons' article that if the bonds are selling at 8 to 10 cents on the dollar, and the bonds have a seniority greater than common (which they do), then the common should really have no value. If this appraisal is wrong, and someone wants to bet that there is a greater value than that, then presumably that person should buy into the bond proposition, on the grounds that the seniority of claim makes it a better deal. I have a big 1k share position in TSIX, bought at $1.20. I don't view it as an investment, but more a roll of the dice. But probably a better roll of the dice would be to buy a bond, but I don't imagine anybody wants to sell me $1000 of bonds. Incidentally, who does sell them? I think it would be a better roll! Or maybe I should learn to stop throwing away money...! What's your point of view about TSIX, Ian? I see your comments on various threads and definitely value your viewpoint. Namaste! Jim

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