Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (147011)	5/9/2002 2:45:46 AM
From: ptanner	Read Replies (1) of 1573854

Ted, re: "its a recourse clause and I suspect it was put in by an attorney" Well of course. But whose attorney? <g> Who is the direct beneficiary of the clause? (I was just being petty to say Dynergy didn't bury the clause...) re: convertible Yes, this was CPN. DYN's cash position seems like nothing given the business run rate. Presumably they also have some lines of credit? CPN had some debt (bonds, convertible?) that had a put feature this past April so they issued convertibles to cover this emerging obligation. The additional equity was to rebalance their debt:equity balance. Not a great time to sell stock when the shares are at book value. Plus CPN chose to cancel some turbine contracts which cost another $180M or so. Pretty tough business. At least the CA contract revisions were pretty good IMO. CA basically dropped some years off the end and got slightly lower rates. I guess this isn't OT here? <g> -PT

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