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Technology Stocks : Vitesse Semiconductor

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To: Lizzie Tudor who wrote (4228)	10/21/2002 11:27:33 PM
From: David Lawrence	Read Replies (2) of 4710

Great posts, Lizzie. Thanks for the work. >>30mm debt repurchase gain $140mm cash Is that right? They expended $30mm to repurchase $170mm in debt? That's one hell of a discount, and a strong indication that the bond markets are skeptical of their potential to recover. I saw on the Convertible Bond thread that their convertible debt had a YTM in the upper teens; that doesn't seem to jive with the $170 for $30 ratio, unless it's some other debt instrument being repurchased. >>68mm more debt repurchased subsequent to qtr A brilliant move if they feel they have enough cash to weather the remainder of the storm. EDIT: Rocky posted some numbers that make a little more sense. #reply-18140598

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