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Technology Stocks : Cymer (CYMI)
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To: Emile Vidrine who wrote (8310)11/5/1997 2:10:00 PM
From: Yakov Lurye  Read Replies (1) of 25960
 
Emile,

Normally holders of convertible debentures would short the stock only to lock in their gains. Your theory would make more sense if the holders of convertibles shorted when the stock was trading above 47.
People on the thread claim after reading S-3 that the conversion price is 47.

This reminds me of a similar discussion on the APM thread. There the holders of debentures (excersizable at 20) became shorts when the stock was falling from 60-s.

One should also remember that debentures are tradeable. There was a post that stated that on the CYMI page they were quoted at 24-3/8.

Clearly, it is important to understand at what price the owners of
debentures can convert and at what price did they buy it and trade it now. I plan to send a letter to IR and ask them to clarify this issue.

Yakov
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