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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: rkrw who wrote (3390)1/24/2003 9:30:12 AM
From: BiomavenRead Replies (1) of 4974
 
The $60M was in the form of convertible pfd shares exercisable at $3. I've scanned through the original sec filing and can't figure out how it became toxic.

You made me curious enough to figure out what happened. The original deal was not, on its face, toxic. However, it contained a provision forcing immediate redemption if the company lost its NASD listing. This was about to happen because their net equity was too low. Hence they struck a deal to convert at a much lower stock price and so prevent de-listing.

Peter
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