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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Theophile who wrote (13355)8/14/2001 12:28:53 PM
From: RobertSheldon  Read Replies (1) of 15615
 
OT RE:GLW

*Odd that GLW is offering plain old vanilla common when other players seem to be offering preferred converts....*

Their marginal cost of capital dictated the sale of common . . . by accepting the common the buyers are basically saying that they do not need to be paid any additional margin of safety (the pricing of the common is in line with our estimates of immediate intrinsic value - over time the company should return at least the high teens, on average, for the next decade). This is a stamp of approval on their business. Hope this helps.
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