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Biotech / Medical : Biotech Valuation

CRSP 55.11

-2.6%

Nov 7 9:30 AM EST

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To: tom pope who wrote (5740)	2/24/2002 7:28:09 PM
From: Biomaven	Read Replies (2) of 52153

I wouldn't characterize these as toxic given that Tyco has the option to use shares or cash. In a true toxic, the company must use shares (or where they have an option to use cash, they have no reasonable prospect of having the cash on hand). In the present case a holder of the debentures can't short the stock on a 1-1 basis and know they can get shares back to cover the short. So they while these debentures do have a very early put provision, I wouldn't call them toxic. Peter

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