Convertible Bonds Message Board

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Non-Tech : Convertible Bonds

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To: Rocky9 who started this subject	2/21/2003 8:55:23 AM
From: Rocky9	of 83

ICGE's bond is up (now around 49, up from 29 last fall), but the company has not been buying and it is running out of cash. The SGA burn rate is still too high and the commitments for follow-on investments are also too high. I sure don't understand why the bonds are up. With over $200M of bonds out, it is hard to figure out how the assets will be worth anywhere near $100M at the end of the day (12/04 when the bonds are due and there won't be much if any cash by then). Of course if the IPO market comes back, the underlying investments could be monetized by then, but it sure seems unlikely to me. JMO.

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