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Biotech / Medical : Xenova (XNVA)
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To: billgates5043 who wrote (143)8/5/2005 4:24:27 PM
From: Extra Pale  Read Replies (2) of 173
 
note holders are taking an equity risk without corresponding reward. taking non-marketable interest accrual notes is very high risk - what is to prevent celtic from coming back two years from now and claiming that in order to attract new funding, note holders must take rate & principal reductions, subordinated position, etc., or face bankruptcy. Another risk consideration is the idea of putting debt on a negative cashflow business. Convertibles primarily get sold because of equity participation, not on a if come cash yield. This is structured to benefit celtic not xnva shareholders. I'm out (taking cash option, really hope it closes!). Best of luck to you.
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