Cityscape Financial (CTYS) Message Board

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Non-Tech : Cityscape Financial (CTYS)

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To: Rational who wrote (894)	10/13/1997 7:14:00 PM
From: Mason Barge	of 2544

I don't understand why you are so upset about somebody with a convertible debenture shorting equivalent shares. It's not in the least bit distasteful or in any way dishonest. If the shares are not yet exercisable, they risk a short squeeze or buy in -- but otherwise, if they wanted equity risk, they wouldn't have bought bonds. The risk of dilution and selling pressure occured when the company issued the bonds with an equity conversion issue. It's not a "trick", it's a perfectly legitimate way to lock in capital gains while retaining the interst feature of a bond.

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