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Non-Tech : Cityscape Financial (CTYS)
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To: Rational who wrote (1155)10/21/1997 7:17:00 AM
From: Ploni  Read Replies (1) of 2544
 
Sankar,

I don't know if it is true that in the event of a buyout, CTYS would be able to redeem the pfd stock before the holders would be able to convert. I would think the intention of the early conversion provision was to give the holders of the pfd stock a bonus by allowing them to participate in the run-up of the price that would come with a takeover. But I may be wrong about that.

It is always possible that the second S-3 was issued at this time through incompetence. I think we'll eventually figure out why.

I don't know what to make of block trades -- I don't have enough experience. Sometimes the market maker can accumulate a large number of shares, and then sell them in one block to a big investor. Or, sometimes a big investor can sell a block to a market maker, and he can sell them in chunks to small investors. Market makers do sometimes guess wrong and lose money.

- Charles
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